Subject: File No. S7-25-99
From: Richard F. Yost,, CLU, ChFC, CFP, AEP
Affiliation: Financial Planning Association, National Association of Estate Planning Councils, Society of Financial Service Professionals, National Association of Insurance Financial Advisers

August 23, 2004

I strongly urge you to withdraw the rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs. 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. I do not believe that the public appreciates the nuances of the Rule or understands that a brokerage account means the registered representative - unlike a registerd investment adviser - has no blanket fiduciary duty to place the clients interests first or an affirmative obligation to disclose all material conflicts of interest.