June 30, 2009
I am a member of the Financial Planning Association (FPA) and it is my understanding the Securities and Exchange Commission recently proposed a new requirement for federally registered investment advisers that would mandate an annual surprise audit.
I am opposed to this idea as it will only increase our cost to do business which we in turn will have to pass on to our customers. Also the SEC currently has enough laws on the books that they should focus on more aggressively enforcing rather than add more bureaucratic systems that will cost tax payers more time and money. I support congress adding additional funding to the SEC to allow them to enforce the laws we already have to audit investment advisors.