Choosing the Right IPS Consultant: What to Ask

Choosing the Right IPS Consultant: What to Ask

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Understanding Your Investment Philosophy and Goals


Okay, so youre thinking about hiring an Investment Policy Statement (IPS) consultant, which is smart. Before you even start interviewing potential candidates, you really need to dig deep into understanding yourself. I mean, it sounds a bit touchy-feely, but its crucial. Its all about understanding your investment philosophy and goals.



Think of it this way: if you dont know where youre going, any road will take you there. And in investing, that can lead to a lot of frustration (and potentially lost money). So, what does understanding your investment philosophy and goals actually mean?



First, your investment philosophy is essentially your core beliefs about how markets work and how you believe you can achieve your investment objectives. Are you a value investor, believing in buying undervalued assets and holding them for the long term (like Warren Buffett)? Or are you more of a growth investor, looking for companies with high potential for future earnings, even if theyre a bit pricier now? Maybe youre a passive investor, believing in index funds and ETFs to mirror the markets performance. Theres no right or wrong answer, its about what resonates with you and what you believe in (and what you can realistically stick to during market ups and downs).



Next, your goals are the specific things youre trying to achieve with your investments. Are you saving for retirement?

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Are you looking to buy a house in five years? Are you trying to fund your children's education? Or perhaps you are trying to create a legacy for your family? Each goal has a different time horizon, risk tolerance, and required return. For example, retirement savings might have a longer time horizon and allow for more risk than saving for a down payment on a house in the near future.



When youre clear on your investment philosophy and goals, you can then ask potential IPS consultants questions like:





  • "How does your investment approach align with a [your philosophy - e.g., value-based] investment style?" (This helps determine if theyre truly compatible.)


  • "Can you help me quantify my goals and translate them into specific investment objectives, considering my [time horizon and risk tolerance]?" (This tests their ability to tailor an IPS to your needs, not just a generic template.)


  • "What kind of benchmarks do you use to measure success, and how do they relate to my specific goals?" (This ensures theyre tracking progress against your definition of success.)




Basically, knowing your own investment philosophy and goals is the foundation. It empowers you to choose an IPS consultant who truly understands you and can create a plan that actually helps you achieve what you want in the long run. Otherwise, youre just hiring someone to tell you what they think you should do, which might not be the best fit for you.

Assessing the Consultants Experience and Expertise


Okay, so youre on the hunt for an IPS consultant, someone to guide you through the tricky world of Individual Placement and Support. Finding the right fit is crucial, and a big part of that is digging into their experience and expertise. I mean, you wouldnt let just anyone rewire your house, right? Same principle applies here.



When youre assessing their experience (which is more than just how many years theyve been "doing IPS"), think about the depth of that experience. Have they worked with clients facing similar challenges to those your organization serves? (For example, are they specialized in working with individuals with severe mental illness, or those with substance use disorders, or perhaps veterans?) That kind of targeted experience is gold. Dont just accept a generic "weve done IPS for years" answer. Push for specifics, maybe even ask for case studies (with identifying information removed, of course!).



And what about their expertise? IPS isnt just about finding any old job; its about finding the right job, one that aligns with the clients skills, interests, and goals. So, you want a consultant who understands the nuances of career counseling, job development, and employer engagement. (Do they have a solid network of employers theyve worked with successfully in the past?) Also, are they up-to-date on the latest research and best practices in the IPS field? The field is constantly evolving, and you want someone whos committed to continuous learning and improvement.



In short, assessing experience and expertise isnt just about ticking boxes on a checklist. Its about finding a consultant who truly "gets" IPS, who has a proven track record of success, and who can bring real value to your organization and the individuals you serve. Its an investment, so do your homework!

Evaluating Their Investment Process and Methodology


Okay, so youre looking for an IPS (Investment Policy Statement) consultant, and you want to make sure youre picking the right one. Smart move! Its like choosing a doctor – you want someone who knows their stuff and has a process you trust. One crucial area to dig into is "Evaluating Their Investment Process and Methodology." Basically, you need to understand how they do what they do.



Think of it this way: theyre going to be crafting a roadmap for your investments, and you need to see the mapmaking process. Dont just accept vague answers.

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Ask them to walk you through their typical process, step-by-step. What data do they use (economic forecasts, market trends, historical performance)?

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How do they analyze that data? (Are they purely quantitative, relying on numbers, or do they incorporate a more qualitative, judgment-based approach?) What assumptions do they make about the future? (This is key, because everyone has biases, and you want to understand theirs).



Dont be afraid to ask detailed questions about their models and methodologies. (Are they using proprietary models?

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If so, how are those models back-tested and validated?) You dont need to understand every technical detail, but you do need to get a sense of whether their approach is well-reasoned, evidence-based, and aligned with your comfort level.

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    Are they transparent about where their information comes from and how they use it? Transparency is crucial.



    Finally, ask about their track record. (How has their methodology performed in different market environments – bull markets, bear markets, periods of high inflation?) Past performance isnt a guarantee of future results, of course, but it can give you some insight into how their approach tends to hold up under various conditions. Ultimately, youre trying to determine if their investment process and methodology are sound, consistent, and likely to help you achieve your investment goals.

    Understanding Fee Structure and Potential Conflicts of Interest


    Choosing the right Investment Policy Statement (IPS) consultant is a big deal, kind of like finding the right doctor for your financial health. One crucial aspect to nail down? Understanding their fee structure and sniffing out any potential conflicts of interest. Its about transparency and trust, plain and simple.



    Now, when it comes to fees, dont be shy! Ask the consultant to break it down for you (in language you understand, not just financial jargon). Are they charging a flat fee, an hourly rate, a percentage of assets under advisement, or some combination of these? (And seriously, if they cant explain it clearly, thats a red flag right there.) Understanding how they get paid gives you insight into their incentives. For example, if theyre getting paid a percentage of assets, are they motivated to simply grow your portfolio size, even if its not necessarily the best strategy for your specific goals?



    Then theres the potential for conflicts of interest. These can be trickier to spot, but equally important. Does the consultant receive any kickbacks or commissions from recommending certain investment products or managers? (This is a big one to watch out for!) Are they affiliated with any specific investment firms? If so, are they obligated to recommend those firms, even if they arent the best fit for you? Think of it like this: you want a consultant acting in your best interest, not their own (or someone elses).



    Asking direct questions like "Do you receive any compensation from third parties based on my investments?" and "Are there any products or services you are incentivized to recommend?" is key. A reputable consultant will be upfront and transparent about these issues. (If they seem evasive or brush off your concerns, thats a major warning sign). Ultimately, understanding the fee structure and potential conflicts of interest empowers you to make an informed decision and choose an IPS consultant who truly has your best financial interests at heart. Its your money, after all!

    Reviewing Reporting, Communication, and Client Service Standards


    Okay, so youre thinking about bringing in an Investment Policy Statement (IPS) consultant. Smart move! But how do you make sure youre getting a good one? Its not just about fancy jargon; its about a real partnership. Thats where reviewing their reporting, communication, and client service standards comes in.



    Think of it like this: youre hiring someone to help you navigate a complex financial landscape (your investment strategy). You need a clear roadmap (the IPS), but you also need a guide who can explain the map, point out potential pitfalls, and be there when you need them.



    Reviewing their reporting standards means understanding how theyll keep you informed. Will you get regular reports that are actually understandable (not just a wall of numbers)? Are they tailored to your specific needs and risk tolerance? Can they clearly explain performance, both good and bad, in a way that makes sense? A good report should tell a story, not just present data.



    Communication is key. How often will they communicate with you? Whats their preferred method (email, phone, video calls)? Do they actually listen to your concerns and answer your questions in plain English (or whatever your preferred language is)? You want someone whos proactive, not reactive. Someone who anticipates your needs and keeps you in the loop, not someone you have to chase down for updates. (Think about their responsiveness – do they return calls and emails promptly?)



    Finally, and perhaps most importantly, consider their client service standards. Whats their philosophy on client relationships? Do they prioritize long-term partnerships or just quick transactions? Do they have a dedicated support team to handle your questions and concerns? Look for testimonials or ask for references (talking to other clients can give you a real sense of their approach).



    Ultimately, choosing the right IPS consultant is about finding someone you trust. Someone who not only has the technical expertise but also the communication skills and client service ethic to build a strong, lasting relationship. Its not just about the numbers; its about peace of mind.

    Checking References and Performing Due Diligence


    Okay, so youve narrowed down your list of potential IPS (Investment Policy Statement) consultants. Great! Now comes the really important part: checking references and doing your due diligence. Think of it like this: you wouldnt buy a used car without kicking the tires, right? Same principle applies here.



    Checking references isnt just about making a quick phone call. Its about getting a real sense of how the consultant operates, how theyve performed for others in similar situations, and, frankly, whether theyre actually who they say they are. Ask for a list of clients theyve worked with (preferably those with organizations similar to yours in size and complexity). Then, actually call those clients! Dont just rely on written testimonials.



    When youre talking to those references, dig deep. Ask specific questions.

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    Dont just ask "Were you happy with their services?". Instead, try questions like: "Can you describe a specific challenge you faced and how the consultant helped you overcome it?", or "How responsive were they to your questions and concerns?", or even "Did they ever disagree with you, and if so, how did they handle the situation?". (You want to know if theyre willing to stand their ground when needed, but in a respectful and collaborative way).



    Beyond references, you need to perform your own due diligence. This means researching the consultants background, credentials, and any potential conflicts of interest. Check their website, LinkedIn profile, and any relevant regulatory databases. Have they been disciplined by any professional organizations? Are there any red flags in their history? (Better to find out now than after youve signed a contract).



    Also, think about their fee structure. Is it transparent? Do you understand how theyre being compensated? A consultant whos hesitant to discuss their fees or provides vague answers should raise a red flag. You want someone whos upfront and honest about how they make their money.



    Finally, trust your gut. After all the research and reference checks, if something still feels off, dont ignore that feeling. Choosing an IPS consultant is a big decision, and you want to make sure youre partnering with someone you trust and who has your best interests at heart (and can prove it!).

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