It sounds so good: Sophisticated Investor status is open to all investors who have enough money to get across the line. But did you know a financial adviser is no longer legally bound to act in your 'best interests' if you sign along the dotted line? Three million people now qualify for Sophisticated Investor status but the regime is creaking and it's time for serious overhaul of the rules. 

Peter Burgess, CEO of the Self Managed Super Funds Association joins Associate Editor - James Kirby in this episode.

In today's show, we cover:

• Sophisticated Investor status- Should you?
• Why regulators want to lift the $2.5m threshold
• Dumb money - The case for a knowledge test
• Where's the legislation? New super tax on hold