Milliman Financial Risk Management (Milliman FRM) offers hedging and asset allocation advisory services to institutional clients like life insurers, pensions, and endowments. Milliman FRM also provides services as an investment advisor or sub-advisor to mutual funds, exchange-traded funds (ETFs), and separately managed accounts (SMAs). Milliman FRM tailors services to the needs of individual clients by obtaining each client’s individual risk tolerance and investment objectives, which are used to create an individualized client strategy.