July 1, 2009
The proposed custody rule IA-2876 that will subject registered investment advisors to annual audits, merely for having the authority to debit fees to a customerís account is absurd. The SEC ought to be spending itís time auditing the big wire houses that are pushing inappropriate investments on the elderly and others because they earn larger fees. Investors are smart enough to be able to read their statements and see the fees they are being charged, as disclosed on the statement. Go after the hidden fees that they canít see.
Timothy T Corcoran CPA RIA