In relation to investors in trusts and managed investment schemes, an investor (client) is a wholesale client if:

• the price or value of the product is AUD500,000 or more, or
• the client is a business which is not a small business, ie a business employing less than 20 people (or in the case of manufacturing, less than 100 people), or
• the person is a sophisticated investor (i.e. an accountant provides a certificate in the previous six months that the person has net assets of at least AUD2.5 million or gross income in each of the last two financial years of at least AUD250,000), or
• the person is a professional investor which includes financial services licensees, bodies regulated by APRA, trustees of superannuation funds with net assets of at least AUD10 million, persons who control at least AUD10 million, listed entities or related bodies corporate of listed entities, exempt public authorities, and investment companies.

A wholesale client is a person who is not a retail client.