Subject: File No. S7-25-99
From: Joe LeBlanc, CFP
Affiliation: Member Financial Planning Association

February 5, 2005

The proposed broker exemption to the Investment Advisers Act continues to pull the wool over the publics eyes by failing to require complete disclosure of ALL compensation. The broker community continues to be plauged by back-office deals between product suppliers and brokerage firms to favor one product over another in return for greater compensation and benefits. Lack of disclosure of these practices is contrary to the public interest. Brokers providing advice and financial planning servies should be required to fully disclose all conflicts of interest. Registration and adherence to the IA act would go a long way to serving the public and providing needed transparency in the financial planning and securities industry.