uffer LLP looks after portfolios for private clients (including trusts, pensions, ISAs and PEPs), charities corporations and pension funds. In each case, the most important aspect is for the account manager to understand the client's situation, not only with regard to income or capital growth but, equally important, the client's attitude to the balance between risk and reward. A client needs not only to have good investment performance but he or she also needs to be comfortable with the means by which it has been achieved.

One of the principal benefits of the investment service is the administration which removes a surprisingly time-consuming burden which inevitably arises from a wide-ranging portfolio of investments. Stock is held in the nominee name of a major custodian bank with cash held in a client's composite account. The effect of this is to ensure that the paperwork which comes to the client is for information only. Whilst all the detail which he or she might require is represented on the schedules which go out quarterly, there need be no fear that important documents requiring a response are lurking in the midst of them. It also ensures the client's assets are absolutely safe.

The most important document in the quarterly reporting for many clients is the summary which sets out the performance of the portfolio over the previous quarter. This is the yardstick by which we ask to be measured, although we concede there will be times when we ask that justice be tempered with understanding.