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Your investment policy statement is the blueprint for your investment program. To understand its importance, imagine a house that's been built without a blueprint. Only the finest materials were used. The crafts people who worked on it were highly skilled. Nonetheless, there are serious problems. Maybe not all the rooms have doors.
The roof doesn't extend over the whole structure. The foundation is shaky. In short, it's not likely to withstand heavy weather. Similarly if you invest without establishing a clear investment policy, you may have the best money managers, but still fail to achieve your overall goals.
The investment policy statement is written to help you, your consultant, plan beneficiaries and other affected parties understand your investment goals. Generally, you and your consultant work on it together, drafting and redrafting it until the language is clear.
Investment Policy Statements generally cover topics including:
Why use an Investment Policy Statement?
Your Most Important Decision is Asset Allocation.