Subject: File No. S7-25-99
From: Virginia M. Terrell
Affiliation: Certified Financial Planner, trade marked

August 25, 2004

Members of the Securities and Exchange Commission, please withdraw your rule proposal exempting broker-dealers from the Investment Advisors Act of 1940, when offering fee based brokerage programs. The rule proposal is anti-competitive and creates two standards of conduct for persons offering financial planning services. This proposal has been studied by, and found lacking by, the AARP and the Consumer Federation of America, as well as the Financial Planning Association.

Thank you for your attention to the most important matter...we will be watching you and judging your performance.

Virginia Terrell