Yes and no. Before a portfolio is constructed, the client is fully aware of what the construction of the portfolio will entail, and they will have approved of the Asset Allocation targets via the Investment Policy Statement. However, as investments are bought and sold, clients are not consulted as to their opinion of the desirability of the transaction. That type of collaborative relationship exists within a retail brokerage arrangement, but not a discretionary investment management relationship.
All investments, and their trade confirmations, are available for client observation shortly after transactions occur (clients have full viewing access to their account online 24 hours a day via the Charles Schwab website.) Additionally, the performance of all investments, individually and collectively, is communicated to clients at quarter-end. The firm goes to great lengths to communicate its ongoing investment strategy throughout the year.