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Paul Kelley and Marie Dascenzo are portfolio managers for Myers and Schmolenberger Investment Advisors. Kelley and Dascenzo are discussing the asset allocation process that their firm should follow for its clients. Kelley states, “The asset allocation process should always start with determining the risk tolerance and return objective for each client.” Dascenzo replies, “While about half of the steps of the asset allocation process is the responsibility of the portfolio manager, the other half of the asset allocation process is the responsibility of the client.” With regard to their statements about the asset allocation process: A. Kelley is incorrect; Dascenzo is incorrect. B. Kelley is correct; Dascenzo is correct. C. Kelley is correct; Dascenzo is incorrect. |