There are two classes of private investor in Australia: Everyday retail investors and legally certified sophisticated investors (defined by law as having an annual income of at least $250,000 or assets of more than $2.5m),Today we examine the sophisticated investor regime - how it works and whether you would gain anything from making the cut.

Ray Tubman of Heirwealth joins wealth editor James Kirby in this episode 

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In today's show, we cover:

• The great Australian $3.5 trillion wealth transfer
• The good and bad of becoming a sophisticated investor
• Property options for the High Net Worth brigade
• SMSF versus index funds inside Big Super