Subject: File No. S7-25-99
From: Kenneth P Schmidt
Affiliation: CFP

January 14, 2005

It is about time the SEC started dealing with those who advertise themselves as financial advisors +/or financial consultants evenhandedly. I have been an independent financial planner for over 20 years and have had to comply with ADV disclosures the entire time. I have watched as the stockbrokers in the wire houses got away with little or no disclosure requirements and claimed that they were providing the same services that I was.

Investment advice is no longer incidental to most stockbrokers/financial consultants these days. Either make them jump thru the same ADV hoops as I must go thru or eliminate the requirements for me.

nuf said.