For independent intermediaries, who does the definition indicate they are intended to serve?

Independent intermediaries are defined primarily to serve retail clients. This focus stems from the nature of independent intermediaries, which often include financial advisors or brokers who provide personal investment advice and services tailored to individual investors rather than institutional clients or large entities. Retail clients typically encompass individual investors who are seeking help with their personal finances, such as retirement planning, investment in stocks, or mutual funds.

While independent intermediaries may engage with institutional investors, corporate entities, or non-profit organizations in certain contexts, their core function and regulatory framework are designed to protect and facilitate the needs of retail clients. This distinction is crucial as it reflects a commitment to consumer protection and ensuring that individuals receive appropriate advice based on their specific financial situations and investment goals.