An indispensable resource for every financial service professionals developing an IPS The Investment Policy Statement (IPS) is one of the most critical documents fiduciaries must draft. For years, ERISA and other industry regulations have governed the guidelines all fiduciaries must comply with when drafting one. But the current climate of corporate scandal and the 2008 global banking crisis have led to increased scrutiny by regulators, prompting firms to take a closer look at the quality and integrity of their IPSs and to take steps to have a rigorous formal process in place for drafting them. Endorsed by the Foundation of Fiduciary Studies, this concise guide provides a rigorous framework and the expert insight, information and guidance you need to guarantee that your IPS is in complete compliance with all ERISA-directed requirements. Provides a step-by-step plan for creating a uniform IPS that every advisor in the office can follow Defines the duties and responsibilities of all parties involved, while clarifying diversification guidelines and providing methods for keeping costs under control Packed with ready-to-use templates, sample forms, letters and other documents, diagrams and other valuable tools, including sample Policy Statement downloadable at the companion website Designed to get you quickly up to speed on what you need to know to confidently serve your clients with the highest standards of care and protection
Foreword by Don Trone 11 SECTION ONE: Why Plan Sponsors and All Fiduciaries Need a Formal Process for Writing Their Investment Policy Statement Chapter 1 ERISA AND THE CHALLENGE OF FIDUCIARY RESPONSIBILITY 17 Chapter 2 YOUR FIDUCIARY RESPONSIBILITIES AND LIABILITIES UNDER ERISA 21 Chapter 3 WHAT IS AN INVESTMENT POLICY STATEMENT AND WHAT ARE THE BENEFITS? 25 Chapter 4 UTILIZE THE "SAFE HARBOR" PROVISIONS PROVIDED BY ERISA 29 SECTION TWO: How to Get Started and Steps to Formalize the Process Chapter 6 ASSEMBLING THE DOCUMENTATION 35 Chapter 7 STEPS TO FORMALIZE THE PROCESS 37 SECTION THREE: The Template IPS Chapter 8 SAMPLE IPS TEMPLATES 43 Chapter 9 SAMPLE IPS TEMPLATE #1: For Participant-Directed 401(k) That Intends to Comply with ERISA Section 404(c) 45 Chapter 10 SAMPLE IPS TEMPLATE #2: For High-Net-Worth Individual Setting Up a Family Trust 57 Conclusion MESSAGE TO PLAN SPONSORS 67 Glossary 69 Appendix: The Firm Profile 77 About the Author 79
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