Subject: File No. S7-25-99
From: Charles OConnor
Affiliation: FPA

February 6, 2005

I ask that you reconsider your proposed response. Make it mandatory that individuals who call themselves planners or advisors to register with the SEC and follow the required guidelines.

I wonder whether or not you fully understand the nature of the problem much less the seriousness of it.

Some people who use the guise of a trusted advisor to sell products are not people to be trusted. The difficulty is that the consumer public cannot determine who is trustworthy and who is not. Everyone holding themselves out as an advisor must abide by the same rules. No exclusions.

Charles E OConnor