Why pay for an application to help write Investment Policy Statements?

A common concern we hear these days of market turmoil and lowered advisor revenues is whether it isn’t cheaper to write Investment Policy Statements with a word document instead of using a dedicated application. We disagree.

How much is your time worth and what could you be doing with that time savings (servicing existing clients to help retain them? marketing for new prospective clients? training your staff to help save you even more time?)? Read more

WINNER, CPA Wealth Provider Financial Planning Awards 2009

CPA Wealth Provider is proud to present the sixth annual financial planning awards honoring CPA/financial planning firms, broker/dealers, and financial planning software vendors as well as providing special Awards of Excellence to those who are in the vanguard of leadership in financial planning. The winners are those firms or companies that have taken the lead through innovation, efficiency, initiative, or growth in the financial planning area. Read more

Step One to Fiduciary

This article originally appeared on Inside Information. Used with permission.

Inside Information ~ Filed Under Practice Management, February 2007

“The definitive tool for creating investment policy statements is back — and a LOT more powerful than the earlier version.”

If we’re moving into a fiduciary world, then it seems likely that, eventually, clients will receive some kind of investment policy statement from their advisors — just like qualified plans do, by law, from THEIR advisors today. And why not? The IPS clarifies the purpose of the portfolio, defines how it will be managed, and (most importantly) it becomes something you can come back to if the client starts asking why you weren’t more heavily weighted in emerging markets funds or REITS following some kind of freakish runup. From a compliance standpoint, it creates a clear record of the investment agreement between advisor and client. Wealthier clients like the idea that their assets are being given the same treatment as large pension plans. And if you do decide to manage a client’s 401(k) plan, you need to have an IPS to define the relationship. Read more

A Software Solution to Investment Policy Statements

This article originally appeared on MorningstarAdvisor.com. Used with permission.

It has been a long wait, a very long wait, but IPS AdvisorPro® is finally here. This Web-based application that creates investment policy statements was developed by two prominent, highly gifted financial planning professionals, Norm Boone and Linda Lubitz.

Boone is founder and principal of Mosaic Financial Partners in San Francisco. He has been cited by numerous periodicals as one of the best financial planners in the country. Boone has served on the National Board of the Financial Planning Association, the TIAA-CREF Institutional Advisory Board, and the advisory council for Schwab Institutional. His articles have appeared in CCH’s Journal of Retirement Planning, Journal of Financial Planning, and Wealth Manager. Read more

Getting Comfortable With Change

As an active proponent of investment policy statements, I have frequent opportunities to speak with advisors about the how and why of using this tool in their practice. While most recognize an IPS’s potential benefits, one question is often raised. “Wouldn’t it be risky to start using IPSs? My clients would wonder why, all of a sudden, I’m using this tool when I’d never mentioned it before. They might question my motivation and lose confidence in me.”

It’s true that change is often challenging for clients. But the fact is that change is constant. In our business, the market fluctuates and there are constant changes in the client’s situation. We also have internal changes in our firms that must be communicated to clients. Still, far too many advisors use their clients as an excuse for not making needed changes. Here are some communication tips for introducing change to your clients: Read more

Adviser Services 411

It has taken 30 years, but the financial planning profession has finally evolved a rich and diverse ecology of support services that address virtually every practice need. The trouble is, there isn’t any handy telephone book to help you find what you’re looking for.

Until this column, that is. My goal is to provide names and web (or email) addresses for some of the very best services, consultants and information resources that I’ve come across in my 23-plus years of roaming around the industry. Whatever you need, chances are it’s out there, and you’ll be grateful when you find it. [Ed's note: Some of these services and contacts will be available through Financial Planning's AdvisorMax.com, launching in November. It will be a comprehensive source of information, research and practice management tools for planners.] Read more

Save Valuable Time: Import Financial Plan Data into Investment Policy Statements

MoneyGuidePro™ is a client-centered Financial Planning and Retirement Planning Software for fast and easy Goal Planning, Insurance Needs Analysis, Asset Allocation, and Estate Planning. It is intuitive and easy to use, while still providing sophisticated analyses and results. Like IPS AdvisorPro®, MoneyGuidePro™ is completely web-based and features online collaborative planning between advisors and clients.

Now you can save time and streamline the preparation of financial plans and investment policy statements (IPS) ensuring consistency of data between the two programs and providing financial advisors with a complete financial and investment planning solution.

Focus Financial Group, LLC

How an Independent Financial and Investment Planning Firm Utilizes Investment Policy Statements as a Point of Reference and to Maintain Their Standard of Excellence in Client Services and Education. Read more

Shareholders Service Group

How a Leading Custodian Adds Value to Their Advisor Clients through Investment Policy Statements. Read more

Harris myCFO Investment Advisory Services, LLC

How a Leading Wealth Manager Enhances Their Service Offering Through Investment Policy Statements. Read more

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