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To: madmax123 who wrote (33335)2/4/2015 12:45:21 PM
From: diddlysquatz9 Recommendations

Recommended By
Chunger
downandout
educated.idiot
kidl
longz

and 4 more members

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I find the "accredited investor" rule a little ridiculous. It's based on the idea that those that have a certain amount of money are smart enough to know what a good investment and/or have the financial capability of withstanding a loss of their investment. I can tell first hand through experience that there are a lot of dumb rich people and very smart people that don't meet the accredited investor criteria. This allows the liability and therefore financial control to rest with the brokerage industry many of whom wouldn't be able to meet the financial criteria of the accredited investor rule themselves.

When I was a broker I was stunned at how many wealthy investors left their financial planning and investment decisions up to brokers and planners that could barely make their monthly rent.

A change to the antiquated accredited investor rule is long overdue.
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