Which THREE situations would require an investment adviser to disclose to the client that best execution might NOT be achieved?
1) The client has instructed the investment adviser to direct brokerage to a certain broker-dealer.
2) The investment adviser pays up for research and other soft dollar benefits.
3) The investment adviser requires the client to direct brokerage to a certain broker-dealer.
4) The investment adviser manages the client's portfolio on a discretionary basis.