Investment Policy Statement Software Directions
|The Main Investment Policy Statement Software Page||Directions for Using the Investment Fact Finder to Collect Data and Gauge Risk Tolerance||This is All There is for a Free IPS "Demo"||Relevant Article About Using an IPS|
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|When you get the file, IPS Template.docx, here's what to do
(after getting the files out of your e-mail an onto your hard drive):
Step 1) When you first open the IPS file (IPS Template.docx) with MS Word, you will get a screen that asks if you want to open the document Read Only or not.
Step 2) Change the footer to reflect your company name. To do this, go to Insert, click Footer, then Edit Footer. Then just change the footer text to be whatever you want.
You should delete the copyright information so clients won't see this website. Yes this is fine, the whole purpose of this is so you can you use it with clients. The copyright is only there to prevent people from trying to resell it.
The footer is a good place to put Broker Dealer compliance approval numbers.
Now please read all of the text completely.
The other files are just a freebie / add-ons for you to use as you see fit. There's no directions about doing anything with it. This is the point where you'd read that, and use any of the template text in making your master IPS. Look at it as a puzzle in a box that you're putting together to make your own. First look over all of the pieces, then add the ones you like to the whole, edit, save, print.
Make all (non-client specific) changes you want that you'll be using all the time.
Leave the red fonts red for now.
For example, if you don't like the asset classes used, now is the time to change them to what you want, so you won't have to change them every time you make an IPS for an actual client.
Change the company references to reflect you and your firm.
Format to print right on your printer.
This changes our template to your template.
If you want to change the color of the top section, select just that section. Then go to Home ribbon, then in the Paragraphs group, click the paint can. Choose whatever changes you want to, or none at all.
Step 3) Find and click Save As....
Then save the file using a different name to preserve the original file. Call it whatever is easiest for you to remember what it is.
It's also important to save the file somewhere on your hard drive so you'll remember where it is the next time you look for it. Tips about that are here.
It's okay if you just clicked save and overwrote the original file (you clicked No to the Read Only question, so that allowed you to save your work as you were making your custom template). The original file can still be found as an attachment in the delivery e-mail. If so, then you may want to back it up in a safe place so you can refer to it if needed later.
Step 4) When you want to work on a real client case, open the document again, but this time click Yes when the Read Only dialog box comes up.
This is so you won't be able to overwrite your template by accident with changes you don't want on your blank template. It will make you save the template using a different file name when you exit, close, or save.
To turn Read Only off, go to Save As... then Tools, then General Options, then uncheck it. Now you run the risk of ruining your template with client data.
Step 5) Making an Investment Policy Statement for a client.
Edit all of the text in red to reflect the client's situation. The text in red is normally all that changes when doing this for investment management clients.
You're free to do anything you want, this is just a template for you to build your own custom version around.
You basically want to write a few sentences describing the client's situation, goals, concerns, important things they told you they want you to do for them, etc. This changes with every client, so there is no way to make this totally template. This section shows the client that you were listening during the discovery process.
Some examples of what you'd want to write is on this Sample Financial Plan Interview Notes document.
Just be sure to READ THE WHOLE THING so you won't leave temple text in the final version that's not appropriate.
Directions on how to use the Investment Fact Finder to gauge risk tolerance are on the bottom of this page.
Step 6) Next, change all of the red text back to black by selecting everything (press Control and the letter A on your keyboard at the same time), then right click on the selected text.
Choose Font, then change the font color from red to black (Automatic) by clicking on the big letter A.
Step 7) Save the file using a different file name for each client.
If you just click Save after you make the changes, then you wiped out the old template, which is why Word won't let you just click save here. This is the purpose of the Read Only question.
Use a name, and better yet a whole new folder (directory) that reflects that client.
For example, make a folder called "Clients." Then make a subfolder called "Smith." Then save the new IPS under the Smith folder using the Save As... (under the File menu) command to rename it "Smith's Investment Policy Statement.docx" or whatever you want to.
It's important to use a file structure like this (making a unique folder for every client) so you can easily find things later.
Step 8) Print a copy of the final version you gave to the client, and put it in their paper folder for compliance / record keeping purposes. Write the date it was given to them in pen somewhere on the file copy. This is the step that's going to save you from compliance if the client goes nutty on you in the future. Don't forget to do the same paper filing thing with all Fact Finders too.
Step 9) The next time you use your template for another client, open the template version you edited and saved (not the Smith's version). Only open the Smith's again when updating the Smith's case.
At this point, you're probably wondering what the story is on the text that reads, "Your answers to our questionnaire scored 100 out of a possible 192 points (a score of 192 would indicate maximum tolerance for investment risk)."
This was determined by the Investment Fact Finder, which you can read about by clicking the link.
If you don't have a way of determining a client's Investment Risk Tolerance Category, then you can either just delete this text (and hope you never get into suitability trouble), or if you're using your own Investment Fact Finder, that calculates Investment Risk Tolerance, then just change this number and text that explains the scoring system to reflect that.
That's about it - you just:
• Use the 23 pages of sample text to make your own custom template,
• Edit the template to fit the client, make any changes the client may want,
Following these steps will keep the original Investment Policy Statement sent to you intact, your custom template intact; make clients happy, save you time and trouble, keep you organized, keep compliance people happy, etc.
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