​That's why at the beginning of each new relationship, we take the time to understand our clients. Typically, we start off by developing an appreciation of each client’s financial needs, objectives, goals and expectations. This further develops into an understanding of their risk and return expectations, cash flow or income needs, tax complexity and time horizon. We then translate these goals and objectives into a framework for discussion that becomes embodied in an asset mix strategy that is set out in a written Investment Policy Statement (IPS). Each IPS is aligned with one of five firm mandate definitions (models) that provide us with a framework to manage client portfolios. These mandates are comprised of multiple strategies, with a proportional mix of cash, bonds, listed equities, or alternatives.