Common use of Investment Discretion Clause in Contracts

Investment Discretion. For discretionary accounts, Confluence usually receives discretionary authority from the client or the Financial Advisor (on client’s behalf) at the outset of an advisory relationship to select securities and amount to be bought or sold. This discretion will remain in effect unless revoked by the client or their Financial Advisor (on client’s behalf). In all cases, however, such discretion is to be exercised in a manner consistent with the information regarding a client’s investment objectives provided to Confluence by the client’s Financial Advisor for the particular client account. When selecting securities and determining amounts to purchase or sell, Confluence observes the investment policies, limitations, and restrictions provided by the client or the Financial Advisor (on client’s behalf). Clients are able to restrict certain types of securities for social responsibility investing purposes or specific securities for other reasons. Investment guidelines and restrictions must be provided to Confluence in writing. Restrictions will affect the performance of the account, either positively or negatively. Additionally, accounts with restrictions will result in performance dispersion due to the security holdings and cash levels differing from other accounts in the same strategy. For registered investment companies, Confluence’s authority to trade securities can also be limited by certain federal securities and tax laws that require diversification of investments. Confluence does not have trading discretion over non-discretionary accounts, including certain UMA and model accounts.

Investment Discretion. For discretionary accounts, Confluence usually receives discretionary authority from the client or the Financial Advisor (on client’s behalf) at the outset of an advisory relationship to select securities and amount to be bought or sold. This discretion will remain in effect unless revoked by the client or their Financial Advisor (on client’s behalf). In all cases, however, such discretion is to be exercised in a manner consistent with the information regarding a client’s investment objectives provided to Confluence by the client’s Financial Advisor for the particular client account. When selecting securities and determining amounts to purchase or sell, Confluence observes the investment policies, limitations, limitations and restrictions provided by the client or the Financial Advisor (on client’s behalf). Clients are able to restrict certain types of securities for social responsibility investing purposes or specific securities for other reasons. Investment guidelines and restrictions must be provided to Confluence in writing. Restrictions will affect the performance of the account, either positively or negatively. Additionally, accounts with restrictions will result in performance dispersion due to the security holdings and cash levels differing from other accounts in the same strategy. For registered investment companies, Confluence’s authority to trade securities can also be limited by certain federal securities and tax laws that require diversification of investments. Confluence does not have trading discretion over non-discretionary accounts, including certain UMA and model accounts.