Subject: File No. S7-25-99
From: William D Bailey, Jr, EA,CFP
Affiliation: Professional Finanical Advisors / NAEA

August 26, 2004

I am against allowing Broker-Dealers having an exemption
from the 1940 Investment Advisors Act.
I feel there is a real difference between one who makes a decision based on the clients insterest as opposed to the sales interest.