Subject: File No. S7-25-99
From: Salvatore P Miceli
Affiliation: NAPFA, FPA

August 24, 2004

I believe the referenced rule is harmful to consumers
by creating two different standards of conduct for persons offering financial planning services: a higher fiduciary standard for registered investment advisers and a lower one under NASD suitability rules.

All broker dealers I know do substantially more than just transactions, in fact, the only way they are able to sell their transactions is by providing financial planning, retirement planning, thus becoming fiduciaries.

I have read FPAs formal request for withdrawal of this rule and couldnt agree more.

Regards, Sal Miceli