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1、Exhibit5SampleInvestmentPolicyStatementInvestmentPolicyStatementPreparedforDavidandAmeliaKingBackgroundandInvestmeritObjectivesThiSInvestmentPolicyStatement(IPS)isdesignedtoassistDavidandAmeliainmeetingtheirfinancialobjectives.Itcontainsasummationoftheirobjectivesandexpectations,setsforthaninvestmen
2、tstructureforattainingtheseobjectives,andoutlinesongoingresponsibilities.ThepurposeofthisportfolioistosupportthecontinuationofDavidandAmeliascurrentlifestyle,providefortheirfamilysneeds,andfundtheirphilanthropicobjectives.Maintenanceoftheircurrentlifestyleistheirprimaryobjective,followedbysupportfor
3、familymembersandcharitableaspirations,inthatorder.Ibmeettheseobjectives,theyanticipateneedingapproximately$350,000peryearininflation-adjustedportfoliodistributions.Inaddition,theyintendtopurchaseasecondresidencewithinthenexttwoyears.TheyexpectthepurchasepriceforthesecondresidencetobeapproximatelyS1.
4、5million.DavidandAmeliahavenotarticulatedaspecificdollaramountthattheyintendtoleavetotheirchildren,noraspecificdollaramountthattheywishtoleavetocharityattheirdeath.Thewealthmanagerwillcontinuetoworkwiththemtoquantifytheseobjectives.Inestablishingtheirassetallocation,DavidandAmeliahaveconsideredtheir
5、currentassetsandexpectedcashneeds,11eyareseekingtoachieveahigherlongtermrateofreturnandarewillingtoa&sumetheassociatedportfoliovolatility.PortfOlioAccountsTaxablejointaccountforDavidandAmeliaTax-deferredaccountforDavidTax-deferredaccountforAmeliaCurrentCombinedMarketValue$12,250,000InvestmentParamet
6、ersRiskToleranceThwealthmanagerhasdeterminedthatDavidandAmeliaareableandwillingtowithstandshort-andintermediate-termportfoliovolatility.Theyrecognizeandacknowledgetheanticipatedlevelofportfoliovolatilityassociatedwiththeirassetallocation(asillustratedintheModeledPortfolioBehaviorsectionoftheAppendix
7、).InvestmeritTimeHorizonDavidandAmeliahaveaninvestmenttimehorizonthatexceeds15years.AssetClassPreferencesTheKingsandtheirwealthmanagerhaveselectedthefollowingassetclasses:Short-termdebtinvestmentsIntermediate-termbondsUSstocks(continued)Exhibit5(Continued)Non-USstocksGlobalrealestatesecuritiesOtherI
8、nvestmentPteferenCeSTheKingswishtomaintaintheirpositionsinAcmeManufacturing,Inc.,whichAmeliareceivedthroughinheritance,andArtfulPublishing,Ltd.,whichisherformeremployer.Neitherpositionrepresentssignificantconcentrationriskinthecontextoftheirbroaderportfolio.Davidhasaninterestinaprivaterealestatelimi
9、tedpartnershipthatinvestsprimarilyinofficebuildingsthroughoutAsia.1hewealthmanagerhastakenthisexposureintoconsiderationindesigningthebroaderassetallocation.1.iquidityPreferencesDavidandAmeliawishtomaintainwithintheirportfolioaminimumcashbalanceof$50,000.Theytypicallymaintainamoresizablecashbalanceat
10、theirPrimarybank.ConstraintsAmeliaspositioninArtfulPublishing,Ltd.,hassignificantembeddedcapitalgains.PortfolioAssetAllocationLowerRebalancingLimitStrategicAllocationUPPErRebalancingLimitShorttermdebtinvestments8%10%12%Intermediate-termbonds16%20%24%USstocks30%35%40%Non-USstocks20%25%30%Globalreales
11、tatesecurities8%10%12%GlobalReal Estate SecuritiesShot-TimDebtInvest meritsPortfolioManagemeritDiscretionaryAuthorityThewealthmanagerwillimplementdiscretionaryportfoliochangesrelatedtorebalancingtheportfolio,investingnewdeposits,andgeneratingliquiditytomeetwithdrawalrequests.Thewealthmanagerwillrevi
12、ewwiththeclient,priortoimplementation,theadditionofnewpositionsortheeliminationofexistingpositions.RebalancingThewealthmanagerwillreviewtheportfolioonatleastamonthlybasis.RebalancingwillbedeterminedbythelowerandupperassetclasslimitssetforthinthePortfolioAssetAllocationsectionoftheIPS.ImplementationT
13、bimplementtheinvestmentstrategy,thewealthmanagerwillutilizethird-partymoneymanagersviamutualfunds,exchange-tradedfunds(ETFs),andseparateaccountsOfindividualsecurities.Thewealthmanagerconductsaquarterlyduediligenceprocesstoevaluaterecommendedmanagersaswellastheuniverseofotheravailablemanagers.ThiSpro
14、cessinvolvesquantitativeriskandreturncomparisonstoappropriateindexesandpeergroups,aswellasqualitativeassessmentsofotherfactorsthatmayimpactamanagersabilitytoperforminthefuture.Moreinformationaboutthisprocessisavailableattheclientsrequest.DutiesandResponsibilitiesWealthManagerResponsibihtiesThewealth
15、managerisresponsibleforthefollowing：DevelopinganappropriateassetallocationSelectinginvestmentoptionsImplementingtheagreed-uponstrategyMonitoringtheassetallocationandrebalancingwhennecessaryMonitoringthecostsassociatedwithimplementingtheinvestmentStrategyMonitoringtheactivitiesofotherservicevendors(e
16、.g.,custodians)DraftingandmaintainingtheIPSPerformancereportingTaxandAnancialaccountingreportingProxyvotingIPSReviewTheclientwillreviewthisIPSatleastannuallytodeterminewhethertheinvestmentobjectivesarestillaccurate.ThewealthmanagerwillreviewthisIPSatleastannuallytoevaluatethecontinuedfeasibilityofachievingtheclie
