Which type of client is characterized as risk-averse?

A risk-averse client is typically cautious and prefers to minimize potential losses rather than seeking high returns through risky investments. Such a client is less likely to engage in activities that expose them to significant financial risk. The choice involving a client who does not want to sign a CSA (Client Suitability Assessment) waiver accurately reflects this characteristic, as refusing to sign such a waiver may indicate that the client wants to maintain a conservative approach to investing and prefers clear guidelines that align with their risk tolerance.

In contrast, the other options describe clients who either actively pursue high risks or show indifference towards potential losses, which is contrary to the nature of risk aversion. Thus, the emphasis on a client not wanting to sign a CSA waiver highlights their preference for safeguarding their investments, aligning perfectly with the definition of a risk-averse client.