The number of Australians who meet the so-called wholesale investor test has blown out from just 1.9 per cent of the population in 2002 to more than 16 per cent, leaving more than 3 million consumers vulnerable to risky investments and conflicted financial advice.
Modelling conducted by Australian National University associate professor Ben Phillips has found 1.09 million households (or 3.25 million individuals) meet the legal definition for a sophisticated or wholesale investor.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
