Below are excerpts from American Consumer and Investor Institute CEO Blaine Luetkemeyer’s latest op-ed, co-authored by former Congressman Ron Klink (D-Pa.), on the need to expand and modernize the accredited investor definition.
Outdated accredited investor definition is keeping qualified investors on the sidelines. It’s time to fix it.
The Washington Reporter
March 26, 2026
There’s growing evidence in Washington, on Wall Street, and on Main Street that America’s financial markets are experiencing a once-in-a-generation transformation. Today’s retail investors are more informed, engaged, and active in the markets than at any point in history. As the boundaries of participation expand, everyday retail investors want and deserve access to the same diverse range of financial assets that have long been the exclusive domain of the wealthy elite.
This moment presents an ideal opportunity for the U.S. Securities and Exchange Commission (SEC) to modernize the definition of an accredited investor in ways that preserve investor protection while expanding retail access to investment opportunities. …
First, the list of recognized professional licenses should be expanded to include all FINRA certifications, as well as other professional certifications in finance and accounting, such as CFA, CFP, and CPA. Second, an undergraduate or graduate degree in a relevant field — such as finance, accounting, economics, or law — should serve as a valid qualification to invest in private securities.
Finally, the SEC should recognize at least one year of non-ministerial professional experience in sectors like banking, consulting, brokerage, or investment advice as proof enough of one’s ability to responsibly invest in private securities.
Simply put, a retail investor’s eligibility to participate in the private markets can and should be measured by education, demonstrated expertise, and professional accomplishment, not wealth. …
Our capital markets work best when they include more, not fewer, participants. If we can agree on the commonsense principle that knowledge and judgment are at least as meaningful indicators of investor sophistication as wealth, we can unlock opportunities for millions of Americans to participate more fully in the growth of our economy.
Read the full op-ed here.