Subject: File No. S7-25-99
From: Val Folden
Affiliation: FPA

August 24, 2004

I strongly urge the SEC to withdraw the proposed rule
exempting brokerage houses from the disclosure laws.

It is extremely unfair to all the planners not affiliated
with a brokerage house to be subjected to more stringent
rules than those who hide behind the B/D shield.Many, if not
most, persons calling what they do financial planning, do so
to add legitimacy to their sales efforts. In fact they have more conflicts of interest that do independent planners. In order to level the playing field and to be fair to the consumer, the proposed rule needs to be dropped.

Thank you,

Val Folden, M.S., CFP