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Exam ICWIM Topic 1 Question 157 Discussion

Actual exam question for CISI's ICWIM exam
Question #: 157
Topic #: 1
When an investment manager manages and makes changes to a portfolio without referring to the client, this is known as:

Suggested Answer: C Vote an answer

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.

by Tyler at Jan 13, 2026, 09:26 PM

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Here are all the actual test exam dumps for IT exams. Most people prepare for the actual exams with our test dumps to pass their exams. So it's critical to choose and actual test pdf to succeed.

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