Subject: File No. S7-25-99
From: William S Hart, CFP
Affiliation: Financial Advisor

August 24, 2004

I would like to add my voice to those opposed to the rule that would exempt broker/dealers from the Investment Advisory Act of 1940. I belive it is important to have one set of standards in the industry for all invdividuals that are offering investment advice and receiving compensation.

Consumers often have no idea how their advisors are compensated. I belive that it is in the clients best interest to understand the methods of compensation for advisors. Only then can a client be aware that a conflict of interest may exist.

Setting dual standards in one industry for a similar service will only attract those with lesser ethics to the path of least resistence. Help build up the integrity of an industry that is suffering from a lack of ethical leadership that begins at the highest levels withdraw this rule proposal.