A well written IPS should make the money manager's job easier by eliminating any guesswork as to the client's instructions. An IPS can accomplish this objective by clearly setting forth the client's preferences with respect to all of the substantive issues that may impact the day to day management of the investment program. In addition, the IPS should document the procedures that the manager should follow in contacting the client and in obtaining any required authorizations. 

While it is beneficial for an IPS to describe the client's general views concerning an investment program, it is not sufficient. A well written narrative that sets forth the organization's investment goals is of little value in assisting the money manager in the actual management of the investment portfolio. A manager needs the type of guidance that is only provided by quantifying the client's specific objectives and parameters. 

A good fit between the client's objectives and the manager's investment style should make the preparation of an IPS relatively simple. IPEX strives to ensure that a good fit is the norm. If a client has structured their investment program in an orderly fashion, they began by selecting the specific investment styles that they want to include, and then selecting money managers that utilize those specific investment styles. 

Therefore, the money managers selected should be able to manage the portfolios according to their typical investment style, and if they do, that approach should satisfy the client. Given this congruence, an IPS should accurately reflect all aspects of the money manager's historical investment style, and not impose any constraints or requirements that would clash with the money manager's stated investment approach. 

If in the course of preparing an IPS significant conflicting viewpoints arise between the client and the manager, such conflicts are a good indication that the manager does not fit the niche that the client was looking to fill. Such conflicts can represent problems that are likely to hinder the relationship between the client and the manager. They are not minor issues that can be resolved by massaging an IPS. The IPS is intended to reflect the realities of management and the investment process; not to promote compromises that force managers to deviate from their historical style or clients to deviate from their objectives.