The Michigan Private Client General Asset Management Agreement is a legally binding document that governs the relationship between a private client and their asset management firm in the state of Michigan. This agreement outlines the terms and conditions under which the firm will provide asset management services to the client. The primary purpose of the Michigan Private Client General Asset Management Agreement is to establish the objectives, responsibilities, and rights of both the client and the asset management firm. It helps ensure transparency, trust, and adherence to legal requirements throughout the entire asset management process. This agreement typically covers various aspects, including investment strategy, risk management, fee structure, reporting requirements, and termination provisions. It provides guidelines for the asset management firm to manage and allocate the client's portfolio in accordance with their financial goals, risk tolerance, and investment preferences. The Michigan Private Client General Asset Management Agreement may vary based on the specific needs and requirements of the client. Different types of agreements may exist, such as the following: 1. Discretionary Management Agreement: This type of agreement grants the asset management firm full discretionary authority to make investment decisions on behalf of the client, within the agreed-upon investment objectives. 2. Non-Discretionary Management Agreement: In contrast to the discretionary agreement, this type requires the asset management firm to consult the client before making any investment decisions. The client maintains control over the final say in portfolio allocation. 3. Limited Power of Attorney Agreement: This agreement grants limited authority to the asset management firm to execute investment transactions on behalf of the client. The client retains the ultimate decision-making power regarding investment choices. It is crucial for both the client and the asset management firm to carefully review and understand the terms and conditions stated in the Michigan Private Client General Asset Management Agreement before entering into such a partnership. Consulting legal and financial professionals is recommended to ensure compliance with state laws and regulations and to protect the interests of both parties.