Subject: File No. S7-25-99
From: Ralph J Feith, CFP
Affiliation: FPA

August 23, 2004

I serve our industry as an expert in the area of securities arbitration, and I am a member of the Securities Expert Roundtable. I am very concerned about double standards. In fact I am finding that too many registered reps do not understand nor do they want to understand the importance of
financial planning, especially on a fee based basis.

There should only be one standard for all who give investment advice and financial planning information, and that is the 1940 ACT.

I urge you to WITHDRAW the current porposal.