Subject: File No. S7-09-09
From: Dave Fulkerson

July 22, 2009

I am adamantly opposed to the SEC proposal to surprise audit RIA firms that simply remove fees from client accounts...considering this as custody. My firm does not have custody or access in any way to my clients accounts. My accounts are held at FOLIOfn, former SEC Commissioner, Steve Wallman, started FOLIOfn.

The only way accounts can be accessed is by sending money to the clients address of record or wire/EFT transfer to their bank account of record. So there is no possible way for me to have or gain custody of client assets...for obvious reasons, the way it should be.

It is my assessment, there is no need to add an additional layer of cost and regulation onto the backs of small RIA firms. This will in no way help the client. It will hurt them though, as we will be forced to pass along these costs to the little guy. Hasn't he suffered enough the last two years?

Have a great day,