The stockbroker to portfolio manager trend has been going on for several years and can carry significant risks for investors. (See InvestmentNews, “I’m a rep, I’m a PM, too”). In most broker-as-portfolio-manager programs, the broker has complete discretion to purchase and sell securities (i.e., manage the account) like an investment advisory representative, restricted only by the suitability standard (i.e., the client’s investment objectives and risk tolerance) and other industry rules. Although there are some talented brokers, the main aim of this trend is to increase sales. The broker’s role has traditionally been and remains largely one of sales.