I was talking at the Australian Shareholders Association once and met a lovely couple who told me that they has been offered the opportunity to invest in a ‘wholesale’ fund where the returns were 'much better' than the retail fund but in order to invest they had to put in $500,000. I asked them if they knew what a sophisticated investor was and they said “No”.
OK, stop right there.
Many of you will know this but clearly some of you don’t. It works like this. You can read this on the ASIC website: “Generally people buying securities and other financial products must, under the Corporations Act 2001, be given a regulated disclosure document such as a prospectus or product disclosure...Continue Reading