Each client will have a unique investment strategy according to their risk tolerance and life goals. While most clients have multiple investment accounts (ie: brokerage, IRA and 401k) they can be managed separately or as one portfolio. Sub-strategies: all the accounts will be managed as one portfolio with one investment strategy. However, sometimes there is a portion of the portfolio set aside for immediate cash needs. In this case there are actually two sub- strategies managed under a combined investment strategy.