Over the past decade, numerous advisers have taken the investment management function in house, effectively setting up multi asset portfolios to better manage their clients’ wealth and better align them with their particular objectives. This trend has been well documented, and has resulted in the strong share price performance of most listed managed accounts providers, who are the key enablers that make it possible for advisers to offer their portfolios to the public, without the need for statements or records of advice.
For any adviser wishing to go down this implemented portfolio route, many issues need to be addressed, not least of which is the development of an investment policy framework that will form the basis on which their clients capital will be managed. But an investment policy framework is more than that. It is a document that should enunciate the competitive advantage of the adviser’s firm, whilst acting as both an internal and external communication tool.
To assist adviser’s get started on this important subject, both Winston Capital Partners and ProCapital collaborated to build a Guide that we hope will make the task a lot easier, than starting from scratch.
About the Guide
The Guide’s primary purpose is to assist advisers develop their own investment policy framework by taking examples from leading financial institutions here in Australia and overseas. It is aimed at those advisers who are considering offering a standalone multi asset portfolio service using a unit trust or Managed Discretionary Authority (MDA) on a managed account platform but are not sure where to start.
It would not be possible to cover every section of policy framework in extensive detail. As such, this Guide has been developed to offer examples of what should be covered in each section, recognising that consultants and research houses play a vital role in completing this important task.
(Please feel free to cut and paste sections of the Guide into your own documents – we want the Guide to be of practical help).
We welcome feedback
We know that there will be gaps in this document. If you would like to contribute to future versions, please send me your suggestions to firstname.lastname@example.org, and we will, to the best of our ability, incorporate them in future editions. All work will be acknowledged.