Investment Policy Statement Drafting and Review Worksheet
Use this worksheet to capture a client's investment objectives, risk tolerance, allocation targets, and review notes before drafting or updating an investment policy statement.
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Overview
This worksheet captures the client inputs that sit behind an investment policy statement: objectives, time horizon, liquidity needs, risk tolerance, restrictions, target allocation, and review notes. Use it when you are drafting a new IPS, updating an existing one, or documenting a periodic review where the portfolio policy may change.
The Submission Notice and Consent section records whether the submission is for drafting, review, or amendment, plus the client's consent and attestation. Client Profile keeps the meeting context tied to a named advisor and review cadence. The objectives and constraints sections help you separate what the client wants to achieve from what the portfolio can actually do, including special constraints such as concentrated holdings, tax sensitivity, or legal restrictions. The allocation table and review notes section give you a place to compare target weights, record exceptions, and explain why changes were accepted or deferred.
Use this template when you need a structured, repeatable record that can feed an IPS, a meeting memo, or a compliance file. Do not use it as a substitute for the final IPS, legal review, or a suitability process where your firm requires one. If the client has no meaningful restrictions or the portfolio is too simple for a formal policy, a lighter intake form may be enough. Avoid collecting extra PII or unnecessary personal details; keep each field limited to what you will actually use in the policy and review process.
Standards & compliance context
- Keep the worksheet aligned with data minimization by collecting only the client details needed to draft or review the IPS.
- If the form captures any personal or financial information, include clear consent and disclosure language before submission.
- Use the review notes and reviewer_signature fields to support an audit trail for supervisory and recordkeeping purposes.
- Apply validation and field-level controls so allocation targets, dates, and required acknowledgments are entered in usable formats.
General regulatory context for orientation only — verify current requirements with counsel or the relevant agency before relying on this template for compliance.
What's inside this template
Submission Notice and Consent
This section establishes why the worksheet is being completed and confirms the client's consent and attestation before any policy drafting begins.
- Submission type
-
Client consent to document investment objectives and constraints
Confirm the client has authorized collection and use of this information for IPS drafting, review, and compliance records.
-
Attestation
I attest that the information provided is accurate and complete to the best of my knowledge.
Client Profile
This section ties the worksheet to the right client, advisor, meeting date, and review cadence so the record is usable later.
- Client name
- Advisor name
- Meeting date
- Review frequency
Investment Objectives and Time Horizon
This section captures what the portfolio is supposed to achieve and how long it has to do it, which drives every later policy decision.
- Primary investment objective
- Secondary objectives
- Investment time horizon
- Liquidity needs
-
Liquidity details
Describe expected withdrawals, planned purchases, or cash reserve needs.
Risk Tolerance and Portfolio Constraints
This section documents the limits that shape the portfolio, including loss tolerance, restrictions, and special constraints that may override standard targets.
- Risk tolerance
- Maximum acceptable short-term decline
- Investment restrictions
- Restriction details
-
Special constraints or considerations
Include tax considerations, concentrated positions, employer stock, legal restrictions, or other portfolio constraints.
Asset Allocation Targets
This section records the target mix and any review notes so the IPS draft can reflect the agreed policy weights.
-
Target asset allocation
Enter target, minimum, and maximum percentages for each asset class.
-
Allocation review notes
Document any deviations, rationale, or changes discussed during the meeting.
Review Notes and Audit Trail
This section preserves the meeting summary, follow-up actions, and reviewer signature so the completed worksheet can support supervision and later review.
- Meeting summary
- Follow-up actions
-
Reviewer signature
Optional signature for internal approval or recordkeeping.
How to use this template
- 1. Select the submission type, confirm client consent, and capture the attestation so the worksheet clearly states whether you are drafting, reviewing, or amending an IPS.
- 2. Enter the client name, advisor name, meeting date, and review frequency to anchor the record to a specific meeting and review cadence.
- 3. Document the primary objective, any secondary objectives, the investment time horizon, and liquidity needs using the most specific field type available, then add liquidity details only when needed.
- 4. Record risk tolerance, loss tolerance, investment restrictions, and special constraints, using conditional logic or progressive disclosure so only relevant follow-up fields appear.
- 5. Fill in the allocation table with target weights and add review notes that explain any deviations, exceptions, or pending decisions before saving the audit trail.
- 6. Complete the meeting summary, follow-up actions, and reviewer signature, then route the worksheet to the person responsible for drafting or updating the IPS.
Best practices
- Use separate fields for objective, time horizon, and liquidity needs so the IPS does not blur goals with constraints.
- Mark only truly required fields as required; keep optional fields available for edge cases without forcing every client through the same path.
- Use conditional logic to reveal restriction details only when the client selects a restriction, exception, or special constraint.
- Keep the allocation table aligned to the asset classes your firm actually manages, and avoid adding categories that will never be reviewed.
- Record the reason for any exception or override in the review notes so the audit trail explains the decision later.
- Limit PII to what is necessary for the policy process and avoid collecting unrelated personal data in free-text fields.
- Use a date picker for meeting_date and numeric inputs for allocation values or loss tolerance ranges to reduce validation errors.
- Document what happens after submission, including who drafts the IPS and who approves the final version, so the workflow is clear.
What this template typically catches
Issues teams running this template most often surface in practice:
Common use cases
Frequently asked questions
Who should use this worksheet?
Use it for advisor-led IPS drafting or periodic reviews where you need a structured record of client objectives, constraints, and allocation decisions. It is a fit for financial advisors, wealth managers, and compliance reviewers who need a clear audit trail. It is not a substitute for legal advice or a signed IPS.
Is this for new clients, existing clients, or both?
It works for both. For new clients, it helps gather the inputs needed to draft the first IPS. For existing clients, it captures changes in objectives, liquidity needs, restrictions, or risk tolerance before you update the policy statement.
How often should this worksheet be completed?
Use it at onboarding, at scheduled review meetings, and whenever there is a material change in the client's circumstances or portfolio constraints. The review_frequency field helps set the cadence, but the worksheet should also be used ad hoc after major life, business, or market events.
What is the difference between this worksheet and the IPS itself?
This worksheet is the working record used to collect, compare, and confirm inputs before the IPS is drafted or revised. The IPS is the formal policy document that sets the agreed investment framework. The worksheet helps reduce omissions and makes later updates easier to trace.
What compliance issues does this template help with?
It supports documentation of client consent, attestation, and review notes, which can help create an audit trail for advisory files. It also encourages clear capture of restrictions, liquidity needs, and allocation rationale so the final IPS reflects the client's stated preferences. Firms should still align the process with their own supervisory and recordkeeping requirements.
How do I customize the allocation table?
Adjust the table to match the asset classes your firm actually uses, such as cash, fixed income, public equity, alternatives, or model sleeves. Add columns for target range, current weight, and variance if your review process compares actual holdings against policy targets. Keep the field set focused on what you will use in the review.
What are common mistakes when using this worksheet?
Common mistakes include leaving risk tolerance vague, collecting too many optional details, and failing to record why a restriction or exception was accepted. Another frequent issue is skipping the follow-up actions section, which makes it harder to track what needs to happen after the meeting. Clear validation and complete review notes prevent those gaps.
Can this be used with CRM or portfolio systems?
Yes, the worksheet can be paired with CRM, document management, or portfolio reporting tools. Many firms use it as the intake layer, then copy approved fields into the IPS and related client records. If you integrate it, keep the source of truth and version history clear so the audit trail stays intact.
What should happen after the client submits or signs it?
The completed worksheet should be reviewed, any open questions resolved, and the IPS draft or revision prepared from the confirmed inputs. If your process uses electronic signatures, store the signed version with the meeting notes and reviewer_signature. The client should know whether the submission is informational, advisory, or part of a formal approval workflow.
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