July 1, 2009
Dear Sir or Madam:
I am writing to comment on this proposed rule. My partner and I run a small investment advisory firm. We are "fee only." We keep our fees low partly by working from our homes.
Our client assets are custodied at TDAmeritrade, and the only funds we are permitted to take from client accounts are our management fees. But as I understand this proposed rule, we would be required to pay for an independent auditor. In fact, we would have to hire two because I work from Maryland and my partner works from California. This would cost us a tremendous amount of money, forcing us to raise our fees.
Please, please reconsider.
Tweddell Goldberg LLC