January 8, 2020
To Whom It May Concern, I would like to voice my support for changes to the accredited investor definition, which should not take into consideration income or wealth. Making most profitable investments for so called low network individuals illegal, and only leaving the poor deals on the table - after accredited investors have taken up the best deals - means that most people are never able to build any form of substantial wealth. In a world of ageing population and failing government backed retirement systems, the ability for people to look after their own financial matters is vital, and enabling a level playing field is critical for this. As far as risks are concerned I question the traditional reasoning of protection of “the little man”. Just because someone has money in they bank doesn’t mean that they are good at maintaining or growing it. Just because someone doesn’t have much savings doesn’t mean that they are financially incapable. What’s more, I am currently allowed to freely spend my money on alcohol, consumerism, lottery tickets, holidays, fancy cars and the like. Such purchases by definition mean that funds are gone. Yet taking a calculated risk at something that may make me much more than I invested is not legal - how can that be justified? A certification process that is cost effective - ideally free - to maintain, would be a much better alternative in order to qualify for investments, as that would help people make better decisions with their money. I would like to see topics such as general expenses - cost of living, balance sheets & cashflow, as well as general investment & risk mitigation principles covered, and it should cover all types of investments, including bonds and stocks, ETF’s, mutual funds etc. This would not only level the playing field when it comes to access to good investment opportunities, but help people make better decisions about funds allocations, fees etc. Such a setup Woolf help people take more ownership of their financial destiny, and ultimately help reduce dependency on government handouts. Thank you for your consideration. Kind regards Wiebke Zuch Sent from my iPhone