One of the benefits of an investment philosophy is that it can provide your clients with more consistent experiences. But if your philosophy is based on forecasting which stock or market sector will be "hot" then those experiences might not be very consistent.
Physicians, lawyers and accountants all have a comprehensive, detailed set of rules or best practices that govern their actions in providing services to their clients. Unfortunately, Steve Atkinson writes, not all financial advisors have a consistent, universal code.
sometime today or tomorrow you will be meeting with a client to present or review an Investment Policy Statement. Over the course of this year, you will do the same with many clients because you know that the IPS is an essential tool. But are your firmís goals and plans as well documented?