Subject: File No. S7-25-99
From: Ronald Tobleman, F.S.A.
Affiliation: Society of Actuaries

August 23, 2004

Dear Sir or Madam---As an actuary working with retirement issues, I believe all segments of the financial security professions should adhere to the highest standards of conduct with the general public. I urge that the proposal to allow broker/dealers to have lower standards of client care than that required of all other registered investment advisers be withdrawn.