Subject: File No. S7-25-99
From: Thomas P. Carroll, CFP
Affiliation: Owner, Fee-Only Financial Planning Firm

September 1, 2004

The majority of actions brought against the investment industry are associated with the brokerage industry. The brokerage industry routinely passes itself off as financial advisors with out the obligation of education or governmental review. If you want a cleaned up industry, all people who offer financial planning services should be subject to the same criteria. Anything less is a sell out. The FPA is right.