Subject: File No. S7-25-99
From: John Carey
Affiliation: Certified Financial Planner and President of an RIA

January 31, 2005

It is unfortunate that the SEC appears reluctant to do more to protect individual investors relative to the broker-dealer rule.

Personal finance is an area already substantially confusing to individual consumers. Not taking every opportunity to assist the public in determining a sales person from a fiduciary only perpetuates the industrys failings. Why isnt this opportunity being seized?