As a former FINRA RIA, I have demonstrated the requisite qualifications to sell capital markets products to my customers. Gauging an individual investor's suitability based on net worth is not only misguided, it's also insulting. I should be able to invest in whichever product I deem appropriate. Particularly at a small amount. Without some bureaucrat's input who knows nothing about my investment strategy nor financial acumen. I don't rely on a broker to make financial decisions for me. Why should a regulator do that? FINRA should not presume to know more about what is appropriate for an individual's financial well-being than the person themselves. Moreover, limiting financial assets to only those who are wealthy or have been blessed by some broker is further isolating everyday people from the financial markets. Which is already pervasive in this system. Finally, at the end of the day the only risk involved here for an investor is the risk of loss. Which is no different than any other investment. Allow people to lose money once in a while. That's how they learn and it's not the end of the world.
Ryan Garr Comment On Regulatory Notice 22-08
As a former FINRA RIA, I have demonstrated the requisite qualifications to sell capital markets products to my customers. Gauging an individual investor's suitability based on net worth is not only misguided, it's also insulting. I should be able to invest in whichever product I deem appropriate. Particularly at a small amount. Without some bureaucrat's input who knows nothing about my investment strategy nor financial acumen. I don't rely on a broker to make financial decisions for me. Why should a regulator do that? FINRA should not presume to know more about what is appropriate for an individual's financial well-being than the person themselves. Moreover, limiting financial assets to only those who are wealthy or have been blessed by some broker is further isolating everyday people from the financial markets. Which is already pervasive in this system. Finally, at the end of the day the only risk involved here for an investor is the risk of loss. Which is no different than any other investment. Allow people to lose money once in a while. That's how they learn and it's not the end of the world.