Discretionary / Non-Discretionary

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Apr 6, 2017 4:16 pm

I'm considering taking on a client that would like to follow one of my models but would like to approve each trade. Currently, my brochure and ADV mention discretionary management only and I only have an advisory agreement for discretionary.

Questions:

I'm assuming that this would not be a material change and would not require a mid-year brochure update; rather I could make a year-end change to 'Advisory Business' section.

I'm not too keen on hiring a lawyer to draft a non-discretionary IA agreement? Any advice?