As part of the Future of Financial Advice reforms, the Government announced that it would consider the appropriateness of the distinction between wholesale and retail clients is appropriate. The Corporations Act 2001 establishes a regulatory framework which distinguishes between retail, wholesale, sophisticated and professional investors.  Section 761G(4) states that a financial product is only provided to a person as a wholesale client if it is not provided to the person as a retail client.  Insurance and superannuation are treated differently, but investors in other financial products can be treated as wholesale clients if they satisfy a wealth, occupational or other threshold test. The Government seeks the views of interested parties on the options presented in this paper for the criterion under which a client is considered to be wholesale or retail in the context of the receipt of financial advice.