Subject: File No. S7-25-99
From: Mark V Kenny, CFP
Affiliation: Glencrest Investment Advisors, Managing Director

January 20, 2005

Securities and Exchange Commission

Comments to Temporary Rule 202a11T

As a Managing Director and Certified Financial Planner, I strongly object to the aforementioned temporary rule providing relief to broker-dealers who offer fee-based services to clients. When brokers are calling themselves financial advisors or financial counselors, there is a clear implication to the public that such services are not incidental to their brokerage services.

Further, the question of what constitutes incidental financial advise will likely cause the public to be further misinformed and/or misled.

If broker dealers are providing financial advise, however incidental, to clients, then they should be subject to the same regulatory rules and oversight as are investment advisors. Broker dealers will likely attempt to describe the services they provide client as something other that financial planning, yet the public will not be able to distinguish between the two.

There is already significant misunderstanding from the public about what type of investment advisory services are provided by brokers who provide 401k advice to companies and their employees. This ruling will not serve the public and I beleive it is time to draw the line. If you are providng financial advice, you should be subject to the same rules and regulations and all other RIA firms.


Mark V. Kenny, MBA, CFP
Managing Director
Glencrest Investment Advisors, Inc.