Explanation
The Strategic Investment Planning (SIP) process is a four-step process that helps advisors to create and deliver customized investment plans for their clients. The four steps are:
Clarify Client Status, Problems and Opportunities: This step involves gathering information about the client's personal and financial situation, goals, risk tolerance, and investment knowledge. The advisor also identifies the client's problems and opportunities, such as tax issues, estate planning needs, or market trends.
Identify Strategies and Present the Plan: This step involves analyzing the information collected in the previous step and developing strategies to address the client's problems and opportunities. The advisor also presents the plan to the client, explaining the rationale, benefits, costs, and risks of the proposed strategies. This is the stage where Sonya mentions factors such as inflation, interest rates, and rates of return, as they are relevant to the investment approaches she is offering to Elijah.
Implement the Plan: This step involves executing the agreed-upon strategies with the client's consent.
The advisor also ensures that the necessary documentation and transactions are completed.
Monitor and Update: This step involves reviewing the performance of the plan and making adjustments as needed. The advisor also communicates with the client regularly and updates the plan according to any changes in the client's situation or goals.
References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 2: The Sales Process, Section 2.3: The Strategic Investment Planning (SIP) Process, page 2-81 Strategic Investment Planning Process - IFSE Institute2

Explanation
This is because a target date fund is designed to reduce the risk and volatility of the portfolio as the investor gets closer to their retirement or other savings goal. Equities tend to have higher returns but also higher risk than fixed income, so a target date fund gradually reduces the exposure to equities and increases the exposure to fixed income over time. This way, the investor can benefit from the growth potential of equities in the early years and preserve their capital with the stability of fixed income in the later years.

Explanation
According to the MFDA Rules, a Dealing Representative is required to make a suitability determination every time:
The Dealing Representative makes a recommendation to a client;
The Dealing Representative accepts a trade instruction from a client;
The Dealing Representative opens a new account for a client or changes the account type; The Dealing Representative becomes aware of a material change in the client's KYC information; Securities are transferred or re-registered into the client's account; or There has been a change in the Approved Person responsible for the client's account2 A suitability determination is the process of ensuring that any investment action taken for a client is suitable for the client based on their KYC information, such as investment objectives, risk tolerance, time horizon, financial situation, and investment knowledge. A suitability determination also requires putting the client's interests first and disclosing any material factors involved in the investment action2 Therefore, Winter is required to make a suitability determination every time she makes a recommendation to a client (i) or she opens a new client account (iii). She is not required to make a suitability determination every time a client's investment returns decline (ii) or the markets fluctuate (iv), unless these events trigger a material change in the client's KYC information or affect the suitability of the client's portfolio.
References: 1: MSN-0069 | MFDA 2 (Know-Your-Client (KYC) and Suitability)