Johanna Ayers, CFA, is a portfolio manager who has developed an investment policy statement (IPS) for a new client, addressing the client's risk and return objectives and constraints. The client does not disclose assets managed by other firms, and Ayers agrees to manage only the disclosed portion of the client's assets. She also develops an investment program and strategic asset allocation in a separate document for the portion she manages. Has Ayers most likely violated the Standard relating to suitability?