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A financial planner is advising two clients, Daniel and Tracy. Daniel has just started to work full time; Tracy is 60, has been working full

A financial planner is advising two clients, Daniel and Tracy. Daniel has just started to work full time; Tracy is 60, has been working full time and planning to retire in 5 years. How would their investment policy statements (IPS) be affected by their own situations, and how will their IPS's return and risk objectives and asset allocation be different? [4 Marks]

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