In a discretionary PMS, the portfolio manager has full authority to make investment decisions on behalf of the client. The manager selects and trades securities, rebalances the portfolio, and implements investment strategies based on the client's risk profile and financial goals. This approach is ideal for investors who prefer a hands-off approach to investment management.

In a non-discretionary PMS, the portfolio manager acts as an advisor, providing recommendations and insights to the client. The final investment decisions, however, rest with the investor. This approach offers greater control to the investor, who can execute trades based on the manager's advice.

An advisory PMS provides tailored investment advice and recommendations to the client. The portfolio manager analyses market trends, economic indicators, and individual investor needs to develop personalised investment strategies. The client is responsible for executing trades based on the advisor's recommendations. This approach is suitable for investors who want to actively participate in their investment decisions while benefiting from expert guidance.