Subject: File No. S7-25-99
From: ROy L Russell, CFP

August 24, 2004

Please withdraw, do not amend, the Merrall Lynch rule proposal. The way it reads it is anti-competitive by creating two standards of conduct for persons offering financial planning services: one for registered investment advisers and one under NASD suitability rules and anti-consumer, by permitting non-disclosure of conflicts of interest by registered representatives. This does not pass the smell test. Thanks, Roy Russell