A wholesale client is usually a business or experienced buyer of insurance who meets certain tests set out in the Corporations Act. These tests include factors such as the size of the business and whether the client is considered a professional buyer of financial products.
The law assumes wholesale clients understand commercial risks, so they do not receive the same level of consumer protection as retail clients. The advice rules still apply, but the paperwork and disclosure requirements are lighter.
If you are comparing the two categories, it helps to also read What Is a Retail Client.
To understand better where you as a client sit, please get in touch with us.
General Advice Warning: The information on this page is general in nature and does not take your personal circumstances into account. You should consider whether it is appropriate for you and seek professional advice before making any decisions. For tailored advice, please contact Webber Insurance Services.
