The Spaulding Group’s latest book, The Spaulding Group’s Guide to the Performance Presentation Standards (Spaulding, Simpson & Schneider) includes 10 steps for firms to achieve compliance with GIPS(R) (Global Investment Performance Standards). I thought I’d share them with you:
- Read the book (the book being the Standards themselves, but our new book can’t hurt, either!)
- Assign responsibilities
- Define the firm
- Define the composites
- Develop policies & procedures
- Assign accounts to composites
- Get your records in order
- Put it all together
- Prepare marketing materials / disclosures
- Get checked out (both internally as well as with the help of an independent verifier (i.e., get a verification done!).
That’s it! Can it be any simpler? J
Of course, it’s not simple, and for many firms, some steps may require a great deal of effort. We typically begin our verification assignments with a “pre-verification,” which includes a “mini” GIPS class, to help orient the firm. We also provide them with our new “GIPS Orientation Kit™.” For most firms, compliance is worth the investment!