Subject: File No. S7-25-99
From: W. Eric Hehman, CFP
Affiliation: NAPFA South Region Board Member

February 4, 2005

Although much has been done to move the regulation of B/D representative to more disclosure, the consumer is still mislead. In most B/D advertisements today the advice of the rep. or the financial planning: estate/retirement is used to bring the consumer in. Yet, the consumer is not given the same information that they would receive from someone offering the same advice in the RIA world. Please move to clear the windows into the B/D world for the consumers of financial advice. As most consumers are looking for more than incidental advice based on the marketing efforts of exempt firmsthere is a growing need to bring full disclosure to the table.