The majority of advice given to individual investors relates to developing an investment plan: evaluating risk tolerance, controlling costs, and choosing an appropriate mix of assets. While these considerations are all important drivers of investment success, a singular focus on plan development often causes implementation to not perform as well as expected. To promote the disciplined execution of a portfolio's investment strategy, professional investors often draft an Investment Policy Statement, which outlines the investment objectives, philosophy and procedures for managing the portfolio so that plan advisors stay true to their clients intentions. Family’s can get similar benefits through financial education, and learning ..........
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