Subject: File No. S7-25-99
From: Thomas V. Barnes
Affiliation: Financial Planning Association

August 23, 2004

How can the general public be expected to understand the difference in B/Ds vs. RIAs. There has to be one standard for monitoring investment advise regardless of the source. There has to be a level playing field for advisors and the perception of the public. The pressure from the B/Ds and their lost revenues are forcing them to compete and they should be licenced too. No shortcuts