Glossary

Wholesale investor

A wholesale investor (often called a sophisticated investor) is an Australian investor who meets the tests in sections 708 and 761G of the Corporations Act 2001 (Cth) — most commonly net assets of at least A$2.5 million or gross income of at least A$250,000 in each of the last two financial years, certified by a qualified accountant.

Wholesale classification matters because it changes what financial services can be provided. Research and advice restricted to wholesale clients does not carry the retail protections of a Product Disclosure Statement or access to AFCA in the same way, and providers must verify eligibility before service begins.

The accountant's certificate is typically valid for two years. Meeting the test is not automatic — an investor must actively obtain certification, and providers are required to keep evidence of it.

General information only — not personal financial advice.