An investment policy statement is created to:

1. Outline the general rules for the advisor.

2. Lists the clients objectives and constraints.

3. Assists with future investment advisors understanding the past investment positions.

4. Risk is part of the list of objectives.

a. 1, 2, and 4.

b. 1, 3, and 4.

c. 2, 3, and 4.

d. All of the above.