With more than three decades of financial services expertise, Bob Rowe lists some heavy-hitting names on his resume including Prudential Bache, Oppenheimer, and Morgan Stanley. For the last two years, his Rowe Consulting Group has been affiliated with Raymond James. But running an investment advisory practice is only one of Rowe’s ventures. He’s also the principal behind Rowe Decision Analytics and the Web site www.myinvestmentpolicy.com, which provides a Web-based questionnaire that advisors can use with clients to create a comprehensive investment policy statement reflective of the client’s investment goals and objectives. After the data is input, a finished policy statement is delivered to the advisor in less than an hour.
Rowe has used investment policy statements in his own practice from his earliest days in the business and began trying to computerize the process as far back as the late ’80s, starting with a WordPerfect document. He has long found investment policy statements to be not only a great legal protection for the advisor, but one of the most effective marketing tools available.
Rowe spoke to Managing Editor Bob Keane in mid-May.
At this point, how many different policy statement templates do you have?
How many would be used by investment advisors with their clients?
Depending on the field they’re in–all of them, and there probably should be more. You have one for individual investors, you have one for partnerships, you have joint accounts, you have IRAs…
Why so many?
If you are talking to a Taft-Hartley fund, which is a union benefit fund, they don’t want to read about corporate responsibilities. They want to talk about the union membership and how this is going to help the local–and they will be very sensitive about it.