Subject: File No. S7-25-99
From: Thomas G Gaertner, CFP

August 24, 2004

I urge you to withdraw the proposed rule which would exempt broker-dealers from registering as investment advisors when offering fee based services. This rule is inconsistent with your mission to regulate and serve the public good by allowing the two dissimilar 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.