Subject: File No. S7-09-09
From: Kevin M. Reardon, CFP
Affiliation: Shakespeare Wealth Management, Inc.

June 30, 2009

I am a Registered Investment Advisor, registered with The SEC. I am a member of the Financial Planning Association, The National Association of Personal Financial Advisors (NAPFA) and am a Certified Financial Planner, CFP. We are writing today regarding the Custody rules and File Number S7-0909. As someone who takes a Fiduciary Oath with each client we serve, we acknowledge that most advisors don't do this. Nonetheless, advisors will not become more ethical or the practices more scrupulous with your audits. This rule will be to the detriment of investors, as the cost and constraints of compliance will be pushed to the individual investor.

Our current regulatory environment has sufficient structure and authority to deal with our current financial crisis. What we need is simply better implementation of the rules and guidelines we have in place. Most importantly, we need more consumer education. Education will trump regulation every time.

For these reasons, and countless others, I oppose the Custody Rule in File Number S7-09-09.

Feel free to contact me to discuss.