Subject: File No. S7-25-99
From: Frank Moore
Affiliation: CEO, Vintage Financial Services

January 11, 2005

There is way too much confusion among consumers today regarding the differences in Registered Investment Advisors and Broker/Dealer firms. While those of us in the industry understand the fiduciary obligation of RIAs, consumers find the very same services available at both types of firms. Big brokerage firms advertise their comprehensive financial planning and fee based accounts, yet they are exempted because these headline services are incidental? Today consumers need to understand the differences. I hope you will help consumers clearly understand where their advisors allegiance lies.