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Who is a wholesale client?

We classify you/your client as a ‘Wholesale Client’ if, at the relevant time, we are satisfied you or your client are using the Wealth Accelerator Service as: 

  • a ‘wholesale client’ as defined in section 761G(7)(c) of the Corporations Act 2001 (Cth)
    (‘Corporations Act’), in which case we require that you represent that your Wrap Service
    account is not for use in connection with a business and that you provide a certificate given
    by a qualified accountant stating that you have net assets of at least $2.5 million, or a gross
    income of at least $250,000 for each of the last two financial years. The certificate must have
    been given no longer than two years before your application and needs to be renewed at
    least every two years from the date it was issued;
  • a company or trust controlled by a person who qualifies for, and provides, an accountant’s
    certificate described above;
  • a ‘professional investor’ as defined in the Corporations Act, which includes, among others, a
    person or entity who controls gross assets of at least $10 million; or
  • a 'sophisticated investor' as defined in the Corporations Act, who qualifies, based on their previous experience (Employment and Education experience) in using financial services that allows the client to assess the merits, values and risks of the product and service and the information provided to them
  • a person determined by us not to be a retail client on some other basis. 


For joint account holders to use the Wrap Service as a Wholesale Client, each account holder
must be a Wholesale Client. We have discretion as to whether or not we are satisfied you are
using the Wrap Service as a Wholesale Client at any particular time. 


For an entity where there are two Investors and only one Investor meets the wholesale criteria, Netwealth will require the Accountant Certificate for the Wholesale Investor as well as the Netwealth Certificate of Control to be completed.


What are the investment options for wholesale clients?

As a Wholesale Client, you or your client have access to the Premium Service which includes additional
investment options that are not available to retail clients. The Corporations Act sets out certain
rights for retail clients to be given certain information about financial products and services,
including disclosures about risks and costs, and for retail clients to have access to dispute
resolution schemes. By using the Wrap Service as a Wholesale Client, you or your client are not using the Wrap Service as a retail client and you forgo the rights pertaining to retail clients. If, at any time, you (or
your joint account holder, if applicable) are no longer using the Wrap Service as a Wholesale
Client, you are no longer eligible to acquire these additional investment options.


Wholesale Clients who use the Premium Service have the choice of additional Wholesale
Investments when using the Wrap Service. The Wholesale Investments include:

  • wholesale managed funds;
  • foreign currency accounts;
  • unlisted Australian bonds;
  • unlisted international bonds; and
  • other investments that may be made available by us that may not be available to retail

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