Which of the following is most likely a correct statement?

When constructing a risky portfolio consisting only of risky assets, an investment manager should offer customized portfolios that fit the clients risk preferences.

The complete portfolio is found at the point of tangency on the line through the risk-free asset and the efficient frontier.

Finding the optimal risky portfolio (ORP) involves incorporating personal risk preferences.

The efficient frontier is the subset of feasible portfolios that offers the maximum return for a given standard deviation.