Subject: File No. S7-25-99
From: Scott Sprague
Affiliation: Financial Planner

August 23, 2004

I urge the Commission to WITHDRAW, not amend, the SEC Broker-Dealer Rule Exemption proposal. I believe the 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.