Yes but depends. If you want to, if not simply say no.
Here are 3 examples of diferent cases:
1) You design a logo. Yes. The client can do whatever he wants with the logo.
2) He wants to use some cartoon character of yours. In that case you are only licencing one type of usage, of one paricular situation for some amount of time. You should not renounce the usage of the character. It can be exclusive usage or non exclusive usage.
(Imagine the relase of a "Bisney" movie where the character "Nikey Mouse" might apear on a cereal box during the promotional campain. The rights for the usage of the mouse on the cereal box is for limited time only, and only in some types of cereals.)
3) People look for you for your work, let us say ilustration in a phisical medium. You can sell the original, but you can still use a photo on your portafolio because it is your work.
In any case you should have a contract on what he can do or not, in what circumstances, for how long. Try to include one point that you can use the final work on your portafolio for example.
So yes, but depends.