June 30, 2009
To whom it may concern;
We respectfully request that the commission reevaluate the proposed burdensome rule which requires federally regulated RIA's, who automatically deduct fees from clients accounts, to be classified as providing "custody" and therefore subject to the surprise audit rule. We strongly oppose this portion of the rule and feel it is unnecessary, will increase costs to consumers and add another useless layer of government red-tape. The current requirements already protect clients, who authorized these deductions in writing and receive quarterly fee statements from the advisor along with monthly statements from the custodian. Had Bernie Madoff been subjected to these rules that are already in place, his entire scam would never have taken place.Sincerely,
Bob Gordon CFP, M.A.
Robert Gordon & Associates, Inc