Subject: File No. S7-25-99
From: Randy Gerard, CFP,CDFA
Affiliation: Financial Planning Association

January 17, 2005

I commend the SEC for taking additional time to evaluate the suggested proposal to exclude brokers from fully adhering to disclosure requirements under the Investment Advisors Act of 1940.
However, I strongly urge the SEC to completely withdraw the proposed rule to avoid the possibility of any intrepretations that could expose the public to more risks than they currently have to experience.
If the recent past is any indication of the potential for abuse in the securities industry should the proposed rule pass, then there should be no doubt that all practitioners in the field of financial services should adhere to a single set of rules and laws that will ensure the public is obtaining as objective, professional and honest advice as possible. To balance this trust on the definition of soley incidental, fee-based, financial planning, financial consultant or financial advisor is asking for abuse.
Randy Gerard, CFP, CDFA