Identifying investment objectives and achieving stakeholder buy-in is the critical first step in connecting these objectives to portfolio construction. : Adapted by Lisa M. Laird, CFA, from “Communicating Clearly about Investment Objectives and Risks” by Karyn Williams, PhD, and Harvey D. Shapiro, originally published in the July/August 2021 issue of Investments & Wealth Monitor.1 Effective investment management requires clear communications. Everyone involved must understand the returns they are seeking and the risks they are shouldering. But the amorphous quality of some crucial investment concepts, particularly investment risk, often makes these communications hard to achieve.