If we accept discretionary authority to manage securities accounts on behalf of clients, we are required to disclose this fact and describe any limitations our clients may place on our authority.
Clients have the option of providing our firm with investment discretion on their behalf, pursuant to a signed investment advisory client agreement. This type of agreement only applies to our Wrap Account Portfolio Management, Corporate Cash Program, and Alternative Investments clients. By granting investment discretion, we are authorized to execute securities transactions, which securities are bought and sold, and the total amount to be bought and sold. Limitations may be imposed by the client in the form of specific constraints on any of these areas of discretion with our firm’s written acknowledgement.