A portfolio cannot be constructed without information about risk, about valuation, about the relative valuation/risk of one investment to another, without knowledge of the relationship between the portfolio and the financial needs they are ultimately to provide for. It seems only natural that these guides to portfolio structure, risk and return that the manager uses, be reported to the individual investor. After all they are part of the plans. If an architect has to submit a plan, why not a portfolio manager? The reason is simple. You cannot build a portfolio without attention to this detail and, if the manager is building a portfolio without this information you need to know, or at least someone does. Importantly risk and valuation information tells you whether your manager is actually doing what they say they are doing and whether or not there is actually a rationale and a structure. Finally, you may not be able to understand exactly what it means and, this information should be reserved for an appendix, but it holds the advisor accountable for the decisions they make and the statements they make. What sort of information should be provided? A statistical measure of risk that tells you how volatile each investment has been historically and how risky in terms of price movements, all the securities/investments in the portfolio combined would be. The problem with statistical measures of risk is that they do not tell you how over or under valued an investment is at any one point in time. Statistical measures of risk therefore need to be backed up with fundamental measure of valuation. According to these measures an investment which fell by an average 10% a year would not be risky while an investment which went up by 10% one year, 20% another and 40% another would have a high level of risk attached to it.
A measure (s) of the valuation of each investment and the portfolio; for example price to earnings, price to book and/or other measures, especially their primary valuation measures. Valuation measures not only give you a guide to relative risk and relative value but they also give you some insight into the manager’s own discipline. Thirdly an asset allocation analysis will show you where the portfolio is invested relative to the market or the world market. The asset allocation analysis should also show the average valuation and statistical risk analysis against which the risk and valuation of the portfolio can be compared.
This analysis would let you know how risky your portfolio is relative to the market both in terms of historical price movements, current valuation and asset allocation. More important than understanding all this information is the fact that this information will hold your advisor accountable for the decisions they are making.  Liquidity and financial security An assessment of the liquidity and the financial security provided by the portfolio should be provided. What would happen if the stock market crashed today, the economy moved into recession and share prices remained below the price you bought them for a number of years? Could your portfolio still meet the financial security that had been planned for and for how long? Could your portfolio cope with higher inflation? Is your portfolio capable of meeting planned income and capital needs from cash and maturing investments or would your manager have to be selling assets to meet these needs. How will your manager deal with these risks?
Is this information onerous to provide? If you are not organized or well structured, then yes, otherwise, no. This information should be to hand and formatting it for distribution to the client should be a formality.  | 
