When an investment manager manages and makes changes to a portfolio without referring to the...

A discretionary investment manager has full authority to buy and sell investments without seeking client approval for each transaction.

Why is Option C Correct?

The manager follows a pre-agreed investment mandate that aligns with the client’s objectives and risk profile.

Common in wealth management and private banking.

Why Not Other Options?

A (Execution-only) → The firm executes trades but does not provide investment advice or management.

B (Advisory dealing) → The manager provides advice, but the client makes the final decision.

D (Financial planning) → Financial planning involves long-term wealth strategies, not active portfolio management.

???? Reference: FCA Conduct of Business Rules (COBS 9 - Discretionary Management), CISI Wealth & Investment Management.