Subject: File No. S7-25-99
From: Michael J. Zmistowski

January 18, 2005

Exempting anyone or any entity from registering as an Investment Advisor when providing advise only confuses and, thus, harms the public consumer. Therefore, a financial planner or financial advisor appears to the consumer to be providing advise and must register as an investment advisor. Lets make this clear for the sake of the consumer. Lets make one standard and apply it to everyone equally.