July 1, 2009
We feel this bill is targeting the wrong group of advisors. We are fee-only advisors that use an independant third party to custody our clients assets. Use of a unaffiliated third party custodian ensures we can not falsify account holdings in the manner Mr. Madoff did. We are a small firm and the audits would be quite costly to us. The bill should target advisors that custody their clients assets and pose a greater risk for fraud.