From: WHKirby@aol.com
Sent: Sunday, June 23, 2002 11:14 PM
To: rule-comments@sec.gov
Cc: WHKirby@aol.com
Subject: File No. S7-25-99 
SEC: 

As a fee-only advisor and a member of NAPFA and FPA, I oppose the SEC rule, "Certain 
Broker-dealers Deemed Not to be Investment Advisers."  In light of recent corporate 
betrayals of confidence, in which the absence of disclosing conflicts of interest 
contributed to severe losses for thousands of investors, I do not understand how you 
could promulgate a rule discouraging complete disclosure.  It makes no sense.  You are 
encouraging further obfuscation rather than openness and clarity in advice provided 
to consumers of financial services.  We Financial Advisors are not just interested in 
protecting our turf as advisors, but we are interested in serving our clients with 
financial services that demand and deserve full disclosure.  In the best interests 
of the public, I urge you to withdraw the proposed rule which encourages obfuscation 
of financial information. 

All persons giving financial advice regardless of their status, should be subject to 
the Investment Advisers Act of 1940. 

All discretionary accounts should be treated as advisory accounts, regardless of the 
method of compensation. 

The guiding principal of the SEC has always been full disclosure, and full disclosure means by all, not just by some. 

William H "Herb" Kirby, CFP 
Kirby Group, Inc. 
Reno, NV 
(775) 853-4159