Glossary · Compliance and regulation
An investment policy statement records what was agreed with a client — objectives, constraints, target allocation, rebalancing approach and any restrictions.
Its value is as a reference point when circumstances or memories change. A statement that contradicts the proposal that preceded it, or the drift report that follows it, is worse than none, because the inconsistency is now documented.
Questions this did not answer? Ask them directly — that is what the twenty minutes is for.