Subject: File Number S7-09-09

July 1, 2009


Attn Sec rulemakers:

Our firm represents, like a lot of firms, a small independent investment management firm. As conservative portfolio managers we charge a low percentage fee on assets under management and in the midst of recent market turmoil are trying to keep moving forward. Your plan: File Number S7-09-09 would greatly hinder our operation and increase our costs.

Presently we are required and follow the rule to send a written bill one week in advance to our clients announcing that we are going to debit their account(s) for the fee listed on the bill. They have the ability to challenge or end the billing arrangement with a phone call. In addition our clients receive an additional set of billing notifications for their accounts each quarter in the quarterly performance report and statement from the custodian. We do not custody assets or have brokerage licenses so we have additional distance from our client assets.

Perhaps you should be pursuing the brokerage industry practices of selling high commission and high fee annuities that have a so called guarantee that is only as good as its issuer and is likely, as an illiquid security, inappropriate for many who purchase them.

I would be happy to share my 27 years of experience further with you.

Steve Wenstrup
Tillar-Wenstrup Advisors, LLC