Subject: File No. S7-25-99
From: John Bagley, CFP, CPA
Affiliation: NAPFA, AICPAs

January 31, 2005

There is an inherent conflict of interest when the individual selling the product is also performing services for a client that has a reasonable expectation that the salesperson is also acting in a fiduciary capacity.

For the benefit of the consumer, the rule should provide in absolutely clear terms that any individual providing ANYTHING more than buy/sell advice for a particular security or securities should have to register as an RIA.

I do not believe that an airtight definition of advice solely incidental to brokerage services can be created so that there is a bright line to distinguish between what is and isnt financial planning advice.