Subject: File No. S7-25-99
From: Betty J. Custer, CFP

February 4, 2005

There should be no distinction in regulation of those performing the functions of investment advisors. It is absurd to have a classification of advisors who can be performing the exact same duties as those affiliated with one type of broker dealer, but because of their affiliation only with a different type of broker dealer find themselves exempt from reporting, regulations, auditing functions and many other regulatory controls that are deemed to be protective in nature for the consumer.

I cannot imagine why, when public trust is at stake, that this distinction will be continued simply because of powerful concerns wishing it so.