Survey: Financial advisers don't always draw up formal statements

03/21/2013 | InvestmentNews (free registration)

Six out of 10 financial advisers said they don't create a formal investment policy statement for every client, and a similar proportion said their clients wouldn't maintain such a plan, according to a Russell Investments survey. Wealthier clients were most likely to receive a written plan, according to the survey. "One of the best ways an adviser can fulfill their fiduciary duty and encourage a client to stick to a long-term, disciplined plan is to develop a statement of their objectives and related recommendations," said Rod Greenshields of Russell Investments.

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