 A good report would explain how a portfolio is structured, planned and managed to meet financial needs over time and how this structure is designed to manage risk and return.
This has nothing to do with investment strategy (under/overvalued), investment discipline (value/growth), allocation to markets or security selection.
The report should explain how the size and timing of your financial needs affects the basic allocation of your portfolio between cash, fixed interest and equities over time and how the risks affecting the ability of assets to meet needs are managed. It should also explain how the wealth forecasting/asset and liability modelling is carried out and why the modelling can be relied upon and to what extent it can be relied upon. If the wealth forecasting or modelling shows that assets cannot meet financial needs, or the specific stated objectives over time, this needs to be discussed and alternative solutions provided for consideration by the investor. It is important that an organisation provide supporting explanation of its disciplines to clients so that they can broaden their understanding of the advisors approach. The report is only going to be able to hold a brief explanation.
The report needs to clearly assess the ability of current and expected future assets to meet current and expected future financial needs based on conservative risk/return assumptions over the individual’s lifetime. Actuarial mortality tables should be used in this assessment. You the investor need to know what impact your risk preferences and your financial demands could have on your investments over time. It is important to note that investment planning is an investment discipline and not a financial planning discipline. If your financial planning and portfolio management are conducted separately then it is unlikely that you will receive this vital reporting component. You will only receive this if the portfolio manager has an investment planning discipline, in which case, they will not be able to construct a portfolio without the necessary data from the financial planner. Note on Modelling Many advisors and portfolio managers do not relate the size and timing of your financial needs to the structure of the portfolio. because of this, when modelling the ability of your assets to meet financial needs over time, they are not actually assessing the ability of the structure planning and management of the portfolio to meet these needs. The modelling should take into consideration planned expenditure (income and capital), planned savings from income and, capital injections and personal as well as pension assets.
All many are doing is projecting the return on your investments and deducting income and capital expenditure from the projected value of future capital. Somewhere in the report, there should be an explanation of how they model the ability of your assets to meet your financial needs. If your advisor has had to significantly change the income and or capital you can take from your portfolio because of short term market and economic risk, they may not be doing a proper job. Likewise, beware the advisor who increases what you can take from your portfolio in line with sharp and short term upward movements in investments. 
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