June 30, 2009
I am writing in opposition to the proposed rule'File Number S7-09-09' .
I agree the SEC needs to conduct regular audits to protect investors from Madoff type scams. I do not feel annual audits of RIA firms like ours makes sense.
We do not take custody of client funds.
I do not feel drawing a fee from a clients account on a quarterly basis should qualify as custody.
Thank you for listening