Investment Policy Statement Considerations

Maria is a private wealth manager who is preparing an Investment Policy Statement (IPS) for a new high-net-worth client, Mr. Johnson. Mr. Johnson is 55 years old, plans to retire at 65, and wants to maintain his current lifestyle in retirement. The client has a moderate risk tolerance and a primary investment objective of capital preservation, but he also seeks some growth to keep pace with inflation.

As Maria drafts the IPS, she needs to ensure that it clearly defines the client’s investment objectives, constraints, and preferences. Which of the following should be prioritized as the least critical element in Mr. Johnson's IPS?