Subject: File No. S7-25-99
From: Roger s asel
Affiliation: CFP, CPA, PFS

August 26, 2004

I am a member of NAPFA and FPA. I am a fee only Registered Investment Advisor and must adhere to the Investment Advisors Act of 1940. Why would you oppose broker- dealers and their agents from being required to register as investment advisors and therefore provide full disclosure of conflicts of interests to their customers? Does this favor the consumer? I urge the SEC to WITHDRAW , not amend the rule proposal. I will work tirelessly to garner support for withdrawal.