Overall Portfolio
The recommendations section should provide at the very minimum a recommended portfolio with specific allocations to each investment, showing the yield provided and a supporting summary of the recommended asset allocation. This should be provided whatever the management agreement, discretionary or advisory.
If your portfolio is being constructed, planned and managed to meet your financial needs, then the investments have not just been selected because they have a specific risk/return characteristic. They have also been selected because they have a role an objective and a timeframe. This is to meet your financial needs as and when they arise.
This is particularly relevant for low risk investments, where the management of liquidity is paramount.
Low risk portfolio
Therefore the role of each low risk asset class or allocation to a set of securities should be explained; cash, government/provincial fixed interest, corporate fixed interest, preferreds and international bonds as well as specialist higher yield investments.
Additionally an explanation of the each type of investment should be provided in either a supporting appendix or information package. If the portfolio holds preferreds, these need to be explained, likewise corporate bonds and international fixed interest investments. Information on transaction charges and costs should also be provided. 
Equity Portfolio
The equity recommendations should be accompanied by a detailed explanation of the overall equity strategy, the risks of the strategy, how the strategy and allocation will be affected by different market environments and, how the allocations to securities, market components and markets may change in response to changes in valuation.
Additionally, an explanation of each security or fund and its rationale for inclusion needs to be provided.
Generic information on the type of investments used should also be provided either in appendices or as part of an information package.
Summary technical information such as the allocation to markets, to market cap, to sectors, Price/Earnings ratios and P/Es relative to the market, price to book and relative to the market, dividend yield and relative to the market, as well as individual security standard deviation (or other statistical risk data) and portfolio relative to the market should also be provided.
What is the point of all this?
If the organization is well disciplined, well organized and its systems and asset management processes well structured, the information should be easily provided.
If they cannot deliver this information, it either means they are not organized but have it, or they do not have it and are not organized or able.
Providing this information means that their actions are accountable and justified. They have to think carefully about their service, the management of your assets, your education and the management of your expectations.
It is up to you the individual investor, as to whether or not you want to read this information. But, you need to be given the opportunity. This is your last chance before you invest.
Detailed reporting protects both the investor and the advisor!
If you have accepted everything and everything has been explained and justified, the advisor cannot be held accountable for any action or recommendation conducted in accordance with the agreed mandate. Likewise, a report protects the client by making sure that the advisor fully justifies and explains what he or she is doing and why and that if they act outside the mandate that they be held accountable. If there has been any misrepresentation of the facts, then the report will also hold the advisor accountable.
