Subject: File No. S7-25-99
From: Jana Hazelbaker, CFP

February 4, 2005

Revisions thus far are an improvement but still do not level the playing field. How can a broker be able to take discretion of client funds but not have to comply with the Advisors Act? And why confuse consumers any more than they already are with the olio the financial advice field is? If it looks like a duck, walks like a duck and quacks like a duck, it must be a duck. The wisdom of King Solomon is not needed to determine, rightly so, that broker/dealers need to be included under the Act for the proper and full protection of consumers. But instead of taking my word for it, go straight to the source and evaluate the massive amounts of broker/dealer advertising that target the consuming public. The need is laid out for you there, in their own words.