Models are used to set up investment guidelines for a portfolio (eg. 60/30/10 - Equities/Fixed/Cash). We won't have a lot of standardization here, so if many individual ones need to be written, so be it. We can apply these models and see how close our portfolios are to our projected risk exposures.
Targets are used for comparison of our performance versus indices and other standards. They can be written similar to models, such that 50% is compared to an Equity Returns Index, 30% is compared to a Fixed Income Returns Index, and 20% is compared to returns on cash holdings. We really need these, because they show how good we are!
Billing Specs are used for billing, and that's how we get paid! I suggest that we need to develop our default billing, whether it is flat rate or tiered (eg. 25 bips < $500000, 22 bips $500001 - $750000, 20 bips $750001 - $1000000, etc.), then we can come up with some common deviations for new accounts. Other currently held accounts with non-standard billing specs need to entered and have the specs assigned to their related accounts.
Billing Forms are used to print our bills in statements. I don't see many assigned and I know we've been using PC for billing, so maybe we're using one single form for everything. This isn't necessary, but if what have is working and satisfactory, no changes are necessary. Another Tuesday Meeting Topic, in my opinion.