Subject: File No. S7-25-99
From: Wayne Cassaday
Affiliation: Financial Planner, Professor of Finance

August 25, 2004

I urge the SEC to withdraw the proposed rule. I believe the rule is harmful to consumers by creating two different 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. The rule also exempts, in effect, brokers from being required to disclose conflicts of interest in connection with the offer of financial planning services.

Please review and WITHDRAW the proposed rule.