Subject: S7-09-09

July 23, 2009

This ridiculous rule change will not only increase the financial burden small independent RIA’s must pay, but will ultimately force the independents to larger firms which will become the next Bear Stearns & Merrill’s of tomorrow. How did those firms end up working out for you. The level of compliance and random SEC audit are sufficient to safe guard the client. An ever increasing level of regulatory cost ultimately get passed down to the end consumer, our client.

Greg Morgan CFP