EDIT: It's not $60, but $175, still a far cry from a million.
EDIT: It's not $60, but $175, still a far cry from a million.
The easiest path this opens for someone not in the securities industry is to become a state registered investment advisor. In my home state of Illinois, that would require paying $400 a year to the state and $150 a year to FINRA, as well as subject you to a number of non-trivial regulatory requirements.
I just reread the new accredited investor final rule, and as per footnote 102, people who qualify via Series 65 need to maintain in good standing a state-granted license or registration. No other requirements exist on top of that.
Is this work... yes. But the capital requirements are so low that it broadens access to many more people. I'd expect companies to start forming around getting people their Series 65 and allowing them to affiliate themselves with the business for a fee. This is still significantly better in terms of accessibility than the $1million wealth requirement or income >$200k.