Key Elements of an Investment Policy Statement

As an investment advisor, you are in the process of drafting an Investment Policy Statement (IPS) for a client who is a 40-year-old professional planning for retirement in approximately 25 years. The client has a moderate risk tolerance and is willing to accept some volatility for long-term growth, but they also wish to maintain liquidity for potential future opportunities. In this context, which of the following characteristics is essential to include in the IPS to properly reflect the client's unique investment needs?