Definition
What is Retail Investor?
Any investor in New Zealand who does not meet the wholesale-investor eligibility tests in Schedule 1 of the FMCA 2013.
A retail investor in New Zealand is the default category — any natural person, trust, or entity that does not qualify under one of the seven Schedule 1 pathways of the Financial Markets Conduct Act 2013. Retail investors receive the full set of statutory protections under Part 3 of the FMCA: any offer of financial products to a retail investor must be accompanied by a Product Disclosure Statement (PDS), entered on the Disclose Register, and (for managed investment schemes) made by a licensed manager.
What retail investors can access: KiwiSaver, retail-class managed funds (with PDS), listed NZX shares, retail bonds, term deposits, retail-class PIE funds. Most household-name NZ investments — Booster, Fisher Funds, Milford retail funds, Sharesies, Hatch — are retail-tier.
What retail investors cannot directly access without certification: wholesale-only private credit funds, venture capital limited partnerships, syndicated property deals offered under Schedule 1, most NZTE-approved AIP investments, hedge-fund-style strategies.
Key protections retail investors receive that wholesale investors give up: (1) full PDS disclosure with mandated risk and fee sections, (2) FMA-supervised licensed manager for MIS, (3) access to the Financial Markets Disputes Resolution Scheme, (4) misrepresentation remedies under Part 2 of the FMCA, (5) fair-dealing duties enforceable by the FMA.
Crossover paths: A retail investor can become a wholesale investor by meeting the asset, income, or eligible-investor pathways in Schedule 1 — see our [wholesale-investor qualification guide](/blog/how-to-qualify-wholesale-investor-nz-2026) for the detailed routes.
Related Terms
Wholesale Investor
An investor who meets specific criteria allowing access to investment products not available to the general public.
Eligible Investor
A category of investor who has been certified by a financial advisor as understanding investment risks.
Financial Markets Conduct Act 2013 (FMCA)
The primary NZ statute governing the offer of financial products, fair dealing in financial markets, and licensing of financial-service providers.
Product Disclosure Statement (PDS)
The FMCA-mandated retail disclosure document for any regulated offer of financial products — limited to 12 sections and specific length per the FMCA Regulations 2014.
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Official Resources
Educational Content Disclaimer
This glossary provides general educational information only and does not constitute financial, legal, or tax advice. Definitions and explanations are simplified for educational purposes and may not cover all aspects or nuances of each term.
Before making any investment decision, you should seek independent advice from appropriately qualified professionals. Wholesale Investor does not recommend or endorse any particular investment, strategy, or fund manager.