Subject: File No. S7-25-99
From: Terry L Kaul, CFP
Affiliation: Financial Planning Association, Registered Representative

August 24, 2004

Dear Gentlefolk:

I urge you to withdraw the proposed rule that would exempt Broker Dealers from regulation under the Investment Advisors Act of 1940. I operate as a Registered Representative under the regulation of the NASD and as an Investment Advisor Representative being regulated by the SEC and the state of Illinois.

The consumers who cross my path have no idea of the fiduciary differences in these two roles. The ones who even know the difference between commissions and fees assume that when they pay a fee, they are receiving fiduciary services. Please dont make it more difficult for consumers to make informed choices.

Withdraw from consideration the rule to exempt Broker Dealers who charge for fee-based accounts from regulation under the Investment Advisors Act of 1940. This exception would not be in the best interest of the consumer whom you are charged to protect.

Respectfully,

Terry L. Kaul, CFP