Guidance: …be sure to gather client info. at the beginning of the relationship, in the form of an investment policy statement (IPS) Recommended Procedures for Compliance: Members should put the the needs and circumstances of each client and the client’s investment objectives into a written IPS for each client. Question: So is a written IPS a requirement or recommendation? I say it’s only a recommendation. What do you say?
Depends how the question is asked, but generally, as the book states, it is a recommendation. I believe there is a section at the beginning that describes how to “read” the ethics sections, specifically with the “recommendation” parts. As with the material, it is boring.