Subject: File No. S7-25-99
From: RONALD E EVANS
Affiliation: MEMBER, HOPKINS FINANCIAL ADVISORS, LLC

August 24, 2004

The SEC should withdraw the rule Exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.

The playing field should be the same for all. To exempt others from the same rules we worked hard for and follow to the T is unfair. The rules should be followed by all.