Subject: File No. S7-25-99
From: Sam Ogrizovich, CFP
Affiliation: Certified Financial Planner

August 24, 2004

As a Registered Principal of an NASD firm, AND a Registered Investment Advisor, I am opposed to the proposed rule exempting broker dealers from the Investment Advisors Act of 1940. The public would be best served by advisors adhering to one standard of conduct.