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In September 2018, Ralf would like to purchase the following financial products: - Travel insurance; and - Marine insurance Ralf has a letter from his

In September 2018, 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 2018. 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

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