In September 2012, Ralf would like to purchase the following financial products: - Travel insurance; and - Marine insurance Ralf has a letter from his accountant stating that Ralf's net assets of $6 Million. The letter was issued on 1 August 2012. Thomas, an authorised representative, is preparing to sell him the products he requested. However, Thomas needs some advice. Is Ralf a retail client or a wholesale client? Make sure to consider each product separately