Subject: File No. S7-25-99
From: Timothy C Harrington, CFP
Affiliation: Marin Financial Advisors

September 29, 2004

I urge the SEC to withdraw the rule proposal exempting broker dealers from the Investment Advisors Act of 1940 when offering fee-based brokerage programs. I believe that the exemption is anti-competitive by creating two standards of conduct for persons offering financial planning services, one for registered investment advisors and one under NASD suitability rules. I also believe that the exemption is anti-consumer by permitting non-disclosure of conflicts of interest by registered representatives.

If the SEC determines it should adopt a final Rule, I urge the Commission to make significant changes to correct the primary problem of misrepresentation - intentional or otherwise - by the broker sales agent acting as a trusted advisor. Broker dealers offering fee-based programs should be required to comply with current registration requirements of the Advisors Act and fully disclose conflicts of interest and all sources of compensation.

Sincerely,

Timothy C. Harrington, CFP