Abra will support the following two ways in which an individual can verify with Abra that they are an accredited investor:
- They have an income of over $200,000 as an individual or over $300,000 when combined with a spouse for each of the last 2 years (also called the “Income Standard”).
- They have a net worth or joint net worth with a spouse of at least $1 million, not including the value of their primary residence (also called the “Net Worth Standard”).
Note: An individual can use either “Income Standard” or “Net Worth Standard” to verify that they are an accredited investor – they do not need to use both.
To be verified as an accredited investor with Abra based on the “Income Standard”, an individual must submit all of the following:
- Copies of any Internal Revenue Service (IRS) forms that report income above $200,000, or $300,000 when combined with a spouse, such as:
- Form W-2, Form 1099,
- Copies of their filed Form 1040 (Income Tax Return) for the last 2 years showing income above $200,000, or $300,000 when combined with a spouse.
Note: If an individual wants Abra to consider their joint income combined with a spouse, they must submit the same documentation as listed above for both themselves and the spouse.
Net Worth Standard
To be verified as an accredited investor with Abra based on the “Net Worth Standard” an individual, either alone or jointly with a spouse, must submit the following:
- Bank statements, brokerage statements, trust documents, and other statements of securities holdings, certificates of deposit, or tax assessments that show assets of over $1,000,000, not including the value of their primary residence.
Note: Documents can’t be more than 3 months old.
How to Start the Process
To be verified as an accredited investor with Abra based on either the “Income Standard” or the “Net Worth Standard”, please have your documents ready based on the requirements listed above.
- Tap: “Transfer” on the top left of your Boost portfolio screen
- Tap: "Upload now" to complete the process in-app
- Tap: "Email Instructions to upload later" if you need to get your documents in order first
- Read and agree to the Affirmative Statement
- Tap: "Continue"
- You will now be able to upload the documents on your phone
- The support team will reach out to you if any additional documents are needed