According to Standard III(A) Loyalty, Prudence, and Care, clients may occasionally direct a manager to use their brokerage for purchasing goods or services, known as "directed brokerage." Since brokerage commissions are client assets used for their benefit, this practice does not breach loyalty duties, provided the manager discloses potential lack of best execution. Conflicts may arise when commissions are used for research ("soft dollars"), but if the research benefits the client, as in this case, the manager complies with the Standard. Newman's actions are consistent because the research is high-quality and client-beneficial.