Subject: File No. S7-25-99
From: Lynn R Garrison, PE

February 1, 2005

As the owner of a small Registered Investment Advisory firm, I often see people who are not being served well by the advice given them by representatives of broker/dealers.

The re-proposed rule does not go far enough in making the distinction between Investment Advisors and Regestered Representatives of broker/dealers clear enough to the consuming public.

Please redraft the proposal to eliminate the current exceptions to the rules, and to make it easier for the public to get the fiduciary services they think they are getting.

Lynn R Garrison, PE
913 338 4530