What is Discretionary Investment Management?

Discretionary investment management is where you agree with the Investment Manager an appropriate level of risk, a set of objectives; which the level of risk may vary dependent on what you wish to achieve, and parameters within which they are allowed to operate and then the manager has the discretion to buy and sell as they see fit. You receive regular updates, usually quarterly valuations and an annual meeting, but you have no input in the day to day management.