Investment planning focuses on how to best manage the client’s assets based on investment experience, attitudes, objectives, time horizon and risk tolerance. It also involves consideration of the client’s current investment holdings, including not only stocks, bonds and the like, but also real estate and other holdings. Investment planning decisions will impact the client’s ability to meet financial goals related to major purchases, as well as retirement and estate planning goals. There is also a significant relationship between investment planning and tax planning, since different asset classes and investment vehicles have different levels of tax efficiency.