Subject: File No. S7-25-99
From: Arthur F. von der Linden
Affiliation: Financial Planning Association

February 5, 2005

Dear SEC,

I respectfully urge you to eliminate any provisions for a broker-dealer exemption in the Investment Advisors Act.

The public is already confused by the wide array of products and purveyors available in the market place. One of the great things the Investment Advisors Act does is require full disclosure and likely fiduciary conduct. These requirements are not present in the broker-dealer situation, only know your customer.

It seems dishonest with respect to the general public to allow the same activities to take place under two different sets of rules, especially when one set allows the professionals to avoid the best interests of the public.

The business about incidental is a smoke screen. You either provide advice or you dont. If you do, you should be subject to the Investment Advisors Act.

Thank you.

Arthur F. von der Linden, CFP