Final answer:
The client's investment objectives would be the least important factor in determining whether an RR has churned a client's account, as churning is more accurately identified through quantitative measures such as trade frequency, commissions, and security types.
Step-by-step explanation:
The question is asking which factor would be the least important when analyzing if a Registered Representative (RR) had engaged in the unethical practice of churning a client's account. Churning is when a broker conducts excessive trading mainly to generate commissions. Of the options provided, D. The client's investment objectives would be the least important when looking specifically at churning.
This is because churning is identified through quantitative measures such as the frequency of trades (C. The amount of portfolio turnover), the cost to the client (B. The amount of commissions the client paid), and the nature of the traded securities which can indicate the risk and suitability (A. The type of securities the client traded). While the client's investment objectives are fundamental in creating an appropriate investment strategy, they do not provide direct evidence of churning on their own.