Subject: File No. S7-25-99
From: Robert S Farnell
Affiliation: Financial Planner

August 30, 2004

Comment on File No. S7-25-99
SEC Broker-Dealer Rule Exemption

Im writing to recommend that this proposal be dropped.

The proposed rule would confuse consumers, who might easily infer that brokers claiming to provide financial planning services are fiduciaries when in fact they are sales representatives of their firms.

Consumers need all the protection they can get when it comes to financial services. Their protections need to be increased, not erroded.

There needs to be one level playing field for advisors who offer financial planning services--all should be held to a fiduciary standard. If brokers are to receive a waiver then they should confine themslves to their existing sales activities. If they are to provide financial planning, then they should meet the fudiciary standard.

This proposal should be abandoned.

Thank you.