Subject: File No. S7-25-99
From: Andrew Arbiter, CPA
Affiliation: Member: Financial Planning Association, Registered Rep.

August 24, 2004

The proposed 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.