Carlos Mendez, CFA, is beginning an investment advisory relationship with a new client and plans to formulate an investment policy statement (IPS) for the client. According to the Standard concerning suitability, Mendez is least likely to consider the client's:

Under Standard III(C) Suitability, the investment advisor should consider the following in writing an investment policy statement (IPS) for each client: (1) client identification (type and nature of clients, existence of separate beneficiaries, and approximate portion of total client assets; (2) investment objectives (return objectives and risk tolerance); (3) investor constraints (liquidity needs, time horizon, tax considerations, legal and regulatory circumstances, unique needs and preferences); and (4) performance measurement benchmarks. Standard VI(A) Disclosure of Conflicts requires that members and candidates disclose all potential areas of conflict to clients, but this disclosure is not part of a client's IPS.