Subject: File No. S7-25-99
From: mark a ciucci
Affiliation: Certified Financial Planner

January 17, 2005

How should the SEC draw the line between financial planning services that are incidental to brokerage and those that are not? Can such a line be drawn?

You cant. Financial planning is a formal process covering six areas of a client s financial situation. What we are talking about here is a more general category called advice. Anytime clients are given financial direction by an Advisor or Consultant they are getting advice and that advice must be provided by someone who is operating within the appropriate fudiciary framework and who is properly regulated for the services being provided. Your proposed regulations provide for neither.