Subject: File No. S7-25-99
From: Robert E. Maloney, MSFS
Affiliation: National Asociation of Financial Advisors NAPFA

August 26, 2004

Re: rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.

As a fee-only advisors for 23 years with fiduciary responsibilities, I would ask that no group be exempted from the registration requirments for any reason. Financial planning is not an incidental activity of an RIA and/or any representives of broker dealers.

To exempt them after all of the critizism and settlement that have been acheived with broker dealers, is tantamont to given them a pass on fiduciary standards.

Please reconsider on behalf of all consumers fiduciaries.

Robert E. Maloney, Registered Investment Advisor Maryland and Chief Listener