Diff betweeen discretionary and non

What is the difference between a discretionary and non discretionary acct

discretionary=you(or your firm) make the investment decisions non discretionary=you don’t make the investment decisions

do we need to include non discretionary portfolios in a composite?

see link http://www.investorwords.com/1482/discretionary_account.html this shows in gips

I believe discretionary accounts mean that the money manager (especially for a money manager of an individual’s account) can make trades without the client’s specific permission. The client signs an agreement and pays a fee and lets the advisor do what he wants. For non-discretionary accounts, the advisor can’t touch the money unless the client says so on each and every trade. I work for an advisor currently, but he only has non-discretionary accounts. So, my knowledge is a little limited, but I’m 90% sure that is how it works.

my impression is, when you make the composite, you do not need to include non-discretionary, but for anything else, such as firm asset or verification, you need both

no, only fee paying and discretionary into composite defining a firm you have to include all tho. discretionary,non discretionar, feepaying and non feepaying