Subject: File No. S7-25-99
From: Peggy C Houser, CFP

January 17, 2005

-I do not believe using Brokerage Account versus Advisory Account will make any impact on the client, as long as the brokers call themselves Financial Advisors. A broker friend recently corrected me very quickly when I introduced him as a stock broker, saying, we are now financial advisors. It is unrealistic to expect a client to differentiate between these two designations.

As a fee-only planner, I am often asked to review a clients stock portfolio. Most of my clients have no answer to my routine questions such as, do you pay a management fee to the broker, or what instructions did you give the broker as to your goals for this money.

I feel these are sufficient reasons to vote against these changes. Stock brokers must be held to the same fiduciary rules as CFPs.