Subject: File Number S7-09-09

July 22, 2009

Dear SEC Regulators,

I am writing to voice my opinion regarding the proposed amendments to Rule 206(4)-2, the Custody Rule. Like most Investment Advisory Firms, my firm custodies its assets at a qualified custodian, and has custody only through its ability to debit fees directly from client accounts. Our clients receive statements directly from the custodian, and those statements show the deduction of the advisory fee - we have absolutely no other access to any client account. We do not offer or accept "Discretionary accounts" in any form for any reason - nor have we ever done so. This action is simply outsourcing a current SEC regulatory prerogative and passing the cost to the small business owner while adding nothing of benefit to the investing public. As small business owners, we do not need yet another grotesque federal tax - please, this is not a good idea.

Adding this burden of an independent surprise audit to firms such as mine, which have no access to client funds except through fee collection, will do nothing to enhance investor confidence or the safety of investor funds. I have worked hard to build an ethical business with high compliance standards, and do not see that anything will be gained by having this additional audit completed.

Respectfully,

John

John E. Redfearn III, CFP, ChFC, RFC, CLU, & SPHR
Certified Financial Planner & Insurance Counselor
Fiduciary Solutions, LLC