Forest Hill's Jeff Judge in Reuters: What the SEC's private-fund proposals mean for Harford County investors

By Jeff Judge, CFP®, AEP®, ChFC®, CLU®, Managing Partner, Chesapeake Financial Planners, Forest Hill, MD.

On Sept. 30, the SEC proposed rules that could open more private funds to everyday investors. Reuters asked me what that could mean for people who have never owned one.

My answer: access is not the same as being ready. One proposal would give advisers more room to charge performance fees, a share of client gains. An adviser paid that way has a reason to reach for risk. That is not an accusation. It is how the incentive works. Private assets can also be hard to price, and a fund may limit when you can get your money out. When a model sets the value instead of a market, the valuation policy carries the weight. I told Reuters I would want strong valuation policies and informed client consent before a client goes near one of these funds.

For families in Fallston, Perry Hall, and Aberdeen, and across Harford County and the Baltimore metro, this may show up as a pitch from a friend, a colleague, or an email. Before you say yes, you should be able to explain the fee, how the value is set, and how and when you can get your money out, in your own words. If you can't yet, the answer is not yet.

These are proposals. They are open for public comment, and nothing is final. The time to ask questions is before a decision is in front of you, not after. This is general information, not individualized advice, so consult your advisor about your own situation.

This piece builds on "Wall St regulator unveils new retail investor proposals for private assets," in Reuters (September 2026).

Jeff Judge, CFP®, AEP®, ChFC®, CLU®, is Managing Partner at Chesapeake Financial Planners in Forest Hill, MD. Book an intro call.