Just like freelancer couple Tonya Rapley and her husband Khomari Flash, keep separate emergency funds for your freelancing business and your personal expenses. (policygenius.com)
It's possible that this manager wants you to indicate a separate emergency fund to allocate a portion of your account to a low volatility US Treasury fund or something of the like, this would be materially different than investing in a broad market / large cap fund like VOO or VTI. (money.stackexchange.com)