July 7, 2009
As a Financial Planner and member of the Financial Planning Association of Greater Phoenix I oppose the proposed amendment to the custody rule that would mandate an audit of discretionary accounts of investment advisors. This would impose an additional burden that would do nothing to eliminate the recent abuses the amendment would appear to address.
As the only power a firm like mine has is to submit billing to a custodian this amendment would do nothing to further protect the consumer. It would likely increase the cost of running a business, which may result in higher fees to the consumer.
Kathleen M Murray