Subject: File No. S7-25-99
From: Robert M. Frey, CFP
Affiliation: Owner, Professional Financial Mgmt., Inc.

February 4, 2005

The proposed Broker-Dealer rule does not in any fashion protect the investing public against the continuing abuses of brokers. The public has no idea of the disclosure and fiduciary responsibilities of the various categories of financial professionals in the securities industry, and widely believes we are all held to the same standards. To allow one branch of the investment community, brokers, to escape fiduciary responsibility, as this rule proposes, is a blatent deception on the public. It is imperative that all of these professionals be held to the the same rigorous standards, to protect the investing public.