Subject: File No. S7-25-99
From: Walter R Sagner, CFP

August 24, 2004

I would urge the SEC to withdraw the rule exempting broker-dealers from the Investment Advisers Act of 1940 when offering fee-based brokerage programs.

With public loosing more trust in broker-dealers after the events over the last few years, and rightfully so, it is hard to beleive the agency would cut them more slack.

I resigned from a large broker-dealer last year and can assure you that the first question on a brokers mind is not what is best for the client.

Thank you