How to Implement an Investment Policy Statement (IPS)
Add a New Investment Policy by navigating to the Investment Policies tab and clicking 'ADD NEW POLICY.'
The use of an Investment Policy Template is not required in order to set up Client/Account Monitoring. To set up the Investment Policy strictly for monitoring purposes (and not for a printed IPS) do NOT select an investment policy template during this step; however you will still need to assign Watch List Triggers in order to monitor the account/s.
- Name the Investment Policy
- Enter a description (optional)
- Choose an Investment Policy Template (this is optional but should be done using the toggle switch) if you would like to print an IPS)
- Select the account/s to associate with the Investment Policy
Next, select the Watch List Triggers that you wish to use to monitor your client's investments. You can select a unique trigger for each investment type from the dropdown menu (active, passive, money market/stable value, and target date investments). You have the option to use our 'Home Office Default' trigger, use a custom Watch List Trigger, or select 'No Trigger' if you do not wish to utilize an automated process to put investments on the watch list.
If you choose to use an Investment Policy Template, and you opt for asset allocation using Targets & Ranges or Peer Group Name Only, be sure to select the peer groups that will be used within your client's account, and then complete the Investment Policy Template questionnaire. (NOTE: this step is only applicable if you select an Investment Policy Template).
The 4th tab will only appear if you are using an Investment Policy Template. This is where you will answer any questions applied to the template. There are editable sections within this tab so if you need to change the wording you are able to do so from this section. Please answer all applicable questions.
Lastly, generate the Client Ready deliverable (which removes the 'NOT FOR CLIENT USE' watermark and saves a copy of the IPS for future reference) - see the first screenshot, below.
When you are ready - proceed and activate the policy so you can monitor the account. - see the second screenshot, below.
Once an Investment Policy Statement is activated for a Client, you can click on the Monitoring Reports tab and view their Monitoring Report. (You can follow this link to see samples created from our default monitoring report templates).
How to Edit an Existing IPS
You are unable to activate an updated policy until the latest Monitoring Report is completed or moved back to draft. The Monitoring Report can be moved 'Back to Draft' by clicking the action (3 vertical dots) button “⋮” in the top left corner of the Monitoring Report overview and selecting that option. Follow the below steps to learn how to update an active IPS:
- Start by clicking on the Investment Policies within your Client and clicking on the row with the ACTIVE Investment Policy Statement.
- The box below will appear. Click the 'REVIEW POLICY' button in the bottom right corner of your screen.
- On the next available page you will apply any new Investment Policy Templates by clicking the toggle switch and/or the dropdown menu. (All Published IPS Templates will appear in the drop down.)
If you would like the Investment Policy Statement to reflect more than one account you will have the ability to select those which are applicable - please see the screenshot below.
***Please note that when multiple accounts are included in the same IPS, the Monitoring Report will reflect the same accounts. If you would like to have one account per Monitoring Report then you will need to create a separate IPS for each account.***
During the IPS edit process you will have the ability to edit WATCHLIST TRIGGERS, ASSET ALLOCATION, and any QUESTIONNAIRE RESPONSES.
- Once you have made the applicable changes, create the policy, generate the client ready deliverable, and finally update the policy to monitor the account(s).