Subject: File No. S7-25-99
From: Joseph S Codrick, CFP
Affiliation: President, Chapel Hill Investment Analysts Inc.

August 23, 2004

To the Commision: It has come to my attention that you are once again reviewing the rule exempting broker-dealers from the Investment Advisers Act of 1940. It should be obvious that there are considerable differences in the business methods and profit motives of brokers vs CFPs. The level of professionalism and knowledge provided by the financial planning community is far superior to that of the commission based broker. I have experience in both communities and it should not take you long to figure it out. If anything this rule should be repealed completely and you should focus your efforts on cleaning up the broker dealer and insurance industry. The general public would be better served with a more restrictive policy concerning broker dealer and insurance sales techniques. Thank you for your on going efforts to provide a more respectable industry of which we all can be proud.