Which designation should be added to qualify as an accredited investor under the Securities and Exchange Commission’s new definition?
The question has sparked much debate since the securities regulator expanded the definition on Aug. 26 to allow investors to qualify based on defined measures of professional knowledge, experience or certifications.
The new definition added holders of certain licenses from the Financial Industry Regulatory Authority as accredited investors. The SEC said it would “reevaluate or add certifications, designations or credentials in the future.”
In a recent ThinkAdvisor Twitter poll, respondents were asked to choose from one of four designations: chartered financial analyst (CFA), CPA, chartered financial consultant (ChFC) or IRS enrolled agent.
Of the 227 respondents, 59.9% voted to add CFA, with the EA coming in last, at 4.8%.
CPA came in second, with 19.4% of advisors voting to add this credential, while adding ChFC garnered 15.9% of the votes.
Advisors were also quick to weigh in with their votes on other titles that merit consideration.
“CFP should be added way before CHFC,” tweeted Carmari Ellis, who calls himself The Finance Rebel.