Subject: File No. S7-25-99
From: Joseph R Hollen, MD, CCPS
Affiliation: President, Hollen Financial Planning, Ltd.

February 4, 2005

Dear Sirs,

I am in favor of withdrawal of the exemption for Broker-Dealers. They should register under the Advisers Act. The advertisements are everywhere stating that these individuals and firms are Financial Advisors. Please see the latest American Express commercials. The playing field should be level. Consumers will gain important protections which are now lacking. The public confidence in the Financial Services industry will rise with the closure of this important loophole. Please step forward and do the right thing. Thank you.


Joseph R. Hollen
NAPFA Member