Subject: File No. S7-25-99
From: Roger Buswell, CFP
Affiliation: Member, Financial Planning Association FPA

August 23, 2004

I urge you to WITHDRAW, not amend, the rule proposal. Both our firm and FPA believes the rule is harmful to consumers by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.

There is no possible way that this can be good for consumers and also gives commission-based salesmen a distinct competitive advantage over fee-based professional advisors.

Thank you for considering my comments and those of FPA.