According to the Form ADV Instructions for Part 1A, which is NOT an example of continuous and regular supervisory or management services of an account? When the investment adviser:
1) allocates client assets among other investment advisers and has the discretionary authority to hire and fire those investment advisers.
2) has discretionary authority over a client's account and provides ongoing management services with respect to that account.
3) has discretionary authority to allocate the client assets among various mutual funds.
4) consults with the client regarding investment recommendations and the client executes any resulting purchases and/or sales.