RoastBeef

Maybe I miss sth critical here. Let me just clarify what my understanding.
The relationship btw the portfolio/investment mgr and his client is governed by the IPS. The IPS should spell out in details (among others) what the manager can and cannot do. The IPS is updated as the client and market situation changes.
If IPS forbids the mgr to do sth, and he is convinced it is best for the client, he would have to have agreement from the client (written consent would be natural here).