We offer ongoing portfolio manager evaluation and selection services where we obtain the authority from the client to retain and terminate the services of portfolio managers on a discretionary basis and reallocate assets between or among portfolio managers. At the inception of the advisory relationship, we perform a comprehensive review of the portfolio managers managing the client assets. We evaluate, among other things, each manager’s investment style and style consistency, tenure and expertise, risk philosophy, and track record in each specific investment strategy followed. We routinely communicate with the portfolio managers regarding the client’s account. We undertake a formal evaluation of the 5 manager (or manager’s team) at least quarterly, or more often if significant economic events or market volatility dictates. Upon the conclusion of each review, we determine whether to terminate the services of the portfolio manager(s), retain new portfolio manager(s), and/or reallocate assets among managers. We immediately communicate to the client when a change is determined and prepare the necessary documents to effect the change.