October 29, 2019
I believe the SEC should change the accredited investor guidelines. Having money in 1953 and before was an insulator but not a guarantee of knowledge within investing. Today, the limits are not sufficient to insulate as they were when established. The rule should now adjust to some type of basic investing fundamentals questionnaire and should give licensed investment professionals full accreditation for life. If the real goal is to protect investors, then investors should show some level of competency about investing to be accredited, not just because they have or make money. Doctors are a prime example. Medical doctors are highly educated yet they are some of the worst money managers on the planet and most have zero knowledge of investing, yet the current rules say they are accredited simply because of the amount of money they make. This is a VERY bad model is does not stand to protect anyone but simply limit involvement by all retail investors.