Please refer to P273 in the curriculum. Part 5a states that a manager may accept a clients funds without knowing his financial situation, as in the case of a pooled fund. Does that mean that a manager doesnt have to have an IPS for all of his clients?
It sounds like two different scenarios. In one where you are the client’s advisor, you need an IPS to determine risk, return, horizon etc to select allocations etc. If you are managing a mutual fund, there is no way you are going to get an IPS from everyone who wants to invest in it. So, it depends on you role.
you need to have one. But it depend on the details he is willing to dish out.