Subject: File No. S7-25-99
From: Dennis H Vogt
Affiliation: IAR for Personal Investment Management, Inc

December 21, 2004

I believe that any individual or organization providing investment advice or financial/retirement planning for a fee should be subject to the ACT. Making a recommendation to buy or sell from a research list is not providing advice. However, holding oneself out to be a planner or provide planning advice changes the way in which an investor perceives the person or organization making the representation, and that organization or individual should be held to the standards of the ACT as anyone else not affiliated with a BD