Truly, it might sound trite but the investment policy statement is not some creative writing exercise which you can shrug off, it's serious business. Case in point: If you ever amass serious wealth, the odds are good you'll establish an individually managed account rather than invest through mutual funds or index funds. One of the first things you will do is sit down with a representative of the firm overseeing your assets and talk to him or her as you fill out, together, the investment policy statement they use to internally guide their decision-making process as they buy or sell investments for you.