Financial advisors vary greatly in their approach and use of written investment policy statements with their clients, including some who don’t use these statements at all, according to Russell Investments’ latest quarterly survey of U.S. advisors.

According to the survey, only 39% of advisors say they create an investment policy statement (a written statement of risk and return objectives along with implementation guidance) for all of their clients. Thirty-three percent say they only create investment policy statements for their highest net worth clients, and 21% don’t even bother using these statements.

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