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Sophisticated Investor Panel

Morgans' Sophisticated Investor Panel is formed of members who are deemed to have sufficient investment knowledge and experience to make an informed decision regarding a new offer of securities, without the benefit of a disclosure statement/prospectus.

An issue of securities to the public normally requires a disclosure statement/prospectus to ensure participants are fully informed about the characteristics of the securities offered, the present position and the future prospects of the entity offering the securities.

Potential benefits

  • Clients on the Sophisticated Investor Panel have the opportunity to participate in corporate offers that may not be available to normal retail clients, such as share placements and underwriting agreements
  • These offers are often priced at a discount to the current share price
  • Sophisticated investors also have the opportunity to participate in unlisted offerings such as seed capital raisings for private companies
  • Morgans clients have participated in approximately 80-100 Sophisticated Offers per annum

Who can participate?

Professional Investors

A Professional Investor is a person who has or controls gross (personal) assets of at least $10 million, or opening an account for an Australian Financial Services Licensee.

Sophisticated Investors

A person who has aggregated net assets of $2.5 million or has aggregated gross income for each of the last two financial years of at least $250,000 a year can be classified as a Sophisticated Investor.

Experienced Investors

Morgans has procedures and criteria in place that will allow it to assess an investor's acceptance as an Experienced Investor.

An Experienced Investor is a person who can be made an offer through a licensed dealer, such as Morgans, when the dealer is satisfied on reasonable grounds that the person to whom the offer is made has previous experience in investing in securities that allows them to assess:

  1. the merits of the offer
  2. the value of the securities
  3. the risks involved in accepting the offer
  4. their own information needs
  5. the adequacy of the information given by the person making the offer

Retail vs wholesale clients

Experienced Investors are still considered retail clients, whereas Professional and Sophisticated Investors are considered wholesale clients

As a wholesale client you would not be entitled to:

  • FSG – Explains our retail services and fees charged.
  • Disclosure – A warning and disclosure of our conflicting interests whenever we provide advice (verbal or written).
  • SOA – Statement of Advice confirming or providing Personal Advice.
  • Dollar Disclosure – Fees and other benefits received if the client actions the Personal Advice recommended.
  • Consequences – Information about the consequences of replacing one product   with another.
  • IDR – Access to internal complaints handling procedures for retail clients.

How to apply

If you believe you have the required investment expertise and may benefit from participating in potential offers under any of the criteria described above, please consult your adviser.

The decision whether or not to admit a client to the Sophisticated Investor Panel is totally at the discretion of Morgans.

Contact us

Contact your Morgans adviser or nearest Morgans office for more information.

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