Here are some basic facts about PMS :
1) Those with a tie around their neck tend to charge more in fees than those devoid of any fancy ties.
2) If there are profits, they will churn your account through and through to ensure that enough brokerage is generated.
3) If your account is still in profit, they will request you to add more funds.
4) Then they will introduce you to derivatives and more advanced concepts of "trading". It provides both you and your money manager an opportunity to learn how the markets work.
5) When you have lost more than 60% of your account value, then they will tell you that it is the market's fault ... and perhaps adding more funds will make it easy to reclaim lost glory.
6) After this mind-blowing experience, they still have a tie around their neck and you will be fortunate to have an underwear to cover yourself.