Subject: File No. S7-25-99
From: Susan Macmichael John, CFP
Affiliation: NAPFA Member, FPA Member

January 31, 2005

The reproposed rule still does not make an effective distinction between brokerage services and advice. Even relatively sophisticated persons would not grasp the distinction in the manner described for disclosure. The consumer wants to know unequivocably that any advice given is in the consumers best interest no matter the advisors affiliation or compensation. Please withdraw this rule in the interest of fairness to consumers.