If it s a value-added service from a stock broker with all disclaimers it will consist of a list of investment opportunities. It is for you to understand your own profile and find the ones that suit your investment objective. Understand that the risk is yours, and also know that having taken advice based on research, it is solely your decision to exit with profit or loss. You have also to decide the allocation of your resources amongst the various asset classes, within the amount allotted for equity, or whether to further bifurcate into short-term and long term; you have also to take into account how much you want to apportion for investment and how much retain as margin for speculation.
The portfolio manager, on the other hand, is a separate registered entity with a more comprehensive responsibility, and competence for which you incur an additional cost in terms of his fees over and above the regular transaction cost. He undertakes asset allocation, evaluates various opportunities as per your risk profile, deploys your funds and keeps shuffling the portfolio to generate target returns. His fees are largely related to performance. SEBI has prescribed Rs 5 lacs as the minimum amount to be managed by a portfolio manager and this has to be invested in cash market instruments. These funds cannot be used for managing a derivatives portfolio. Derivatives will be used for hedging only.