January 29, 2007
As a financial advisor, I represent many clients whose net worth (exclusive of home) falls within the $1million-$2million range.
These clients have benefited greatly by the opportunities to acquire ownership units in privately-traded partnerships.
The proposed rule to change the standard of an Accredited Investor, while noble in its purpose, will pose immediate and adverse consequences among this consumer group.
They are as sophisticated, if not more so, than a large segment of the very wealthy population owning more than $2.5million in liquid assets.
All they want is the opportunity for diversification and access to some of the same excellent hedge fund managers used by the rich.
Thank you for your consideration, and feel free to forward this comment to any person or organization you wish.