Subject: File Number S7-09-09

July 9, 2009

To whom it may concern,

As a member of the FPA, I understand that File Number S7-09-09 proposes to have most federally registered investment advisors to undergo annual surprise audits by an independent public accountant.

While I applaud the SEC's efforts to manage the risk of future Ponzi schemes, it is my understanding that the proposal will include SEC-registered advisory firms that merely automatically deduct client fees through a qualified custodian - unlike the situation with Madaff and other's caught in fraud who had complete custody of the assets.

In summary, the approach being taken in File Number S7-09-09 is directed at a problem that does not exist. Time, money, and energy will be spent in wasteful ways. I'd like to see this ruling focus its energy where the real risk is inherent, narrowing your definition of custody of assets to that which is consistent with where the problems have surfaced in the past.

Thank you for your consideration to the above notes of interest.


Julie VanTilburg, CFP(r)
Lincoln Financial Advisors Corp.