Responsibilities to Clients: Portfolio Management Ethics

Mark is a portfolio manager at an investment firm. He has a long-term client, Jane, who is seeking to retire in five years. Jane has explicitly communicated her preferences for a conservative investment strategy that seeks to preserve capital and provide modest income. Mark, however, believes that the market conditions favor a more aggressive position that could yield higher returns over the same period. He contemplates adjusting Jane's portfolio to include high-growth potential stocks that are inconsistent with her risk tolerance.

Which of the following actions would best uphold Mark's responsibilities to his client under the CFA Institute's Code of Ethics and Standards of Professional Conduct?