Money managers typically take responsibility for investment portfolios for high-net-worth individuals, pension plans, foundations, endowments, mutual funds, and other institutions. In return for an ongoing asset-based fee, money managers create and maintain customized portfolios designed to meet each client’s financial objectives, risk tolerance, and social concerns. Money managers generally have full discretion and a fiduciary responsibility to trade securities on behalf of the client’s account and to make investment decisions on behalf of the client within the scope of an agreed-upon Investment Policy Statement. Money managers are frequently introduced to their clients by financial advisors and planners. Money managers may also have one or more of the professional designations described in the introduction to the “Financial Consultants—Advisors & Planners” section above.