How to pick a financial adviser? It's one of the most common questions for investors...but a more realistic question is: Should you even bother? Another valid issue to ponder is whether the adviser wants you in the first place?

One in six clients were cut from the client lists of financial advisers last year. Many advisers will not admit it, but they only want 'sophisticated investors' with $2.5m to spend or else an annual income of $250,000 plus.

Author and adviser Jacqui Clarke joins wealth editor James Kirby in this episode.

In today's show, we cover:

* How advisers pick their clients

* When advice costs too much to add value

* Key questions you must ask

* The benefits of becoming a 'sophisticated investor'

See omnystudio.com/listener for privacy information.

Do You Need a Financial Adviser? The Truth About Picking and Being Chosen