Subject: File No. S7-25-99
From: Ronald G. Simmer
Affiliation: Registered Investment Advisor, Simmer Financial Planning, LLC

August 24, 2004

I wish to comment, fully supporting the FPA and NAPFA positions that the Commission withdraw its rule proposal to exempt broker-dealers offering fee-based financial planning from the Investment Advisors Act of 1940.

Creating this opportunity for offering this service to consumers that is not in accordance, or on the smae standard, with the same service offered by financial planners and advisors that are subject to the Investment Advisors Act of 1940 will create havoc for consumers who want to trust that their financial planner is working in a fiduciary capacity for them. The majority of consumers will not understand the difference between the two standards...and they will ultimately become sceptical and angry, and demand that their government do its job to put trust into this service of personal financial planning.