Instruction: Complete AIL questions. Case Sindy Financial plans and investment needs are different for each individual. When investing, creating a policy statement helps investors understand their own needs, objectives, and investment constraints, sets standards for evaluating portfolio performance and reduces the possibility of inappropriate behaviour on the part of the portfolio manager. You are an investment advisor at Money Managers Limited and two of your clients, Ashley and David, are meeting with you today. Ashley is a 27-years old junior manager and a recent graduate of Excelsior University. Ashley's savings of $1,000,000 is currently in her commercial bank account and she wishes to invest 70% of the money. David is 63-years old and is retiring in a year. He owns some equity shares in a small company and is now thinking of selling those shares and investing instead in bonds mutual funds. Required: A. i. Discuss how an individual's investment strategy may change as he or she goes through the accumulation, consolidation and spending and gifting phases of life. (10 marks) ii. Indicate which investment phase David and Ashley have reached and suggest an investment strategy for EACH of them. (4 marks) B. Explain TWO (2) investment objectives and TWO (2) constraints that an investor may have. (6 marks) (Total 20 marks)