June 24, 2019
I would suggest revising the accredited investor definition from its current form. After meeting with hundreds of families as a financial planner, I've concluded there is no connection with the size of a portfolio and the level of knowledge with investments. For example, a beneficiary of an inheritance (depending on the amount) could elevate the individual to an accredited investor although they did nothing to increase their investment knowledge.
I can understand how the accredited investor rule limits liability to only allow "sophisticated" investors to participate. I would suggest revising the accredited definition to a drastic reduction in the net worth/income requirement.
I've seen far too many sophisticated investors skip over many quality investment opportunities due to the current accredited investor definition.