Subject: File No. S7-25-99
From: Todd C Ganos, DBA, CFP
Affiliation: Doolittle Ganos Investment Counsel, LLC

February 8, 2005

I have read the Financial Planning Associations comments to the subject proposed rule and agree with its position and recommendations.

I am certain that a key question for the Commission is that if broker-dealers who offer the programs discussed were to be subject to regulation as investment advisers, where would the Commission find the manpower and funding for inspections and enforcement? This is a valid budgetary concern. However, budgetary concerns do not invalidate the legislative intent of Congress. And, budgetary concerns might bias the Commissions administrative rulemaking, which it should not do.

In view of a solution, I advocate the Commissions use of users fees. For example, the State of Californias Department of Corporations bills a registered investment advisor for the man-hours its inspectors take to perform an inspection. The revenue from such fees would pay for the extra manpower the Commission needs to inspect those broker-dealers now required to register as investment advisors. Additionally, the revenue from the inspection of existing non-broker-dealer investment advisors could further bolster the Commissions staff.

Thank you for your time.