Subject: File No.
From: Fernando Fussa, CPA

July 5, 2017

I believe that care should be taken for those IRA accounts or other "small" retirement accounts that don't need an Investment Adviser. It is my understanding that now all financial advisers registered also as IA can charge a fixed percentage of total assets, even if they only do one trade in the entire period. I myself have a $75k IRA account and was just informed by my broker that I will be charged .8% annually when I just have basically mutual funds in the account. This does not seem logical at all and many small IRA's will be negatively affected, especially those whose investment objective is preservation of capital, which now a days means, at a maximum 1-2% annual growth.