Only 39 percent of financial advisors create a written investment policy statement for their clients, which is a missed opportunity, according to Russell Investments' latest quarterly survey of U.S. advisors, the Financial Professional Outlook.

An investment policy statement is a written statement of risk and return objectives along with implementation guidance.

Of the advisors who were surveyed, 33 percent say they only create investment policy statements for their highest net worth clients and 21 percent don't use these statements at all.

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