Subject: File No. S7-25-99
From: Scott Grittinger, CFP
Affiliation: McCarthy Grittinger Financial Group LLC

February 5, 2005

I am requesting that there be a complete withdrawal of the proposal that brokers be exempt from the Investment Advisors Act. I believe that there needs to be one set of rules for all. Simply, if you hold yourself out as a financial advisor or financial consultant that provides investment advice whether the advice is incidental or not, then you should be subject to the Investment Advisors Act.

It is both confusing to the investing consumer and fails to adequately protect that consumer if you allow multiple standards of fiduciary duty for those holding themselves out as Financial Advisors It is clear that the public would gain if there was one standard.

Scott Grittinger, CFP