IPS AdvisorPro and Legent Clearing have announced a strategic alliance to offer Investment Policy Statement software to Legent Clearing clients. Legent provides access to investment products such as equities, mutual funds, foreign securities, fixed income investments, prime brokerage, options, annuities, DVP/RVP and WRAP accounts through a variety of online tools and platforms. IPS AdvisorPro is the acclaimed web-based software that creates fully-customized investment policy statements in only minutes.
"An investment policy statement is a great tool for advisers, enabling them to readily provide value to their clients," says Linda Lubitz Boone, CFP(R), co-founder of IPS AdvisorPro(R). "An IPS is legally required for all ERISA plans and for virtually all trust and institutional clients. Using an IPS with individual clients has so many benefits that it is now considered a best practice for advisors."
"Legent Clearing's partnership with IPS AdvisorPro(R) is part of our recognition of the need to provide our introducing firms with the best tools to enhance rep productivity and increase assets under management," says Legent's Bill Zelasko, Executive Vice President of Correspondent Services. "IPS AdvisorPro(R) offers a unique combination of suitability, financial planning and marketing features that complements our growing menu of wealth management products and services."
According to IPS AdvisorPro co-founder Norman M. Boone, MBA, CFP, it can be extremely time consuming to create a high-quality, customized IPS, which is why many advisors either don't create one or use one that is not customized. "Investors have the right to know how their money is going to be managed, says Boone, "and the IPS AdvisorPro software enables advisors to create detailed, customized Investment Policy Statements in under 15 minutes."
Although Investment Policy Statements have been around for many years, only under recent regulatory and media pressure for heightened transparency have the documents started to become widely adopted. Investment Policy Statements can be as short as two pages or as long as needed, and are most effective when customized to a client's situation.
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