Individual investors characteristics- 

1. Life stages of an individual investors matters. 

2. Risk is defined as losing money for an individual investor. 

3. Characterized by personalities of the investor. 

4. Goals are important for an individual investor. 

5. Tax management is an important part of decisions for individual investors when they are investing in portfolios.

Institutional investors- 

1. Institutional investors maintained a relativity constant profile over time. 

2. Legal and regulatory constraints are always kept in mind by an institutional investor. 

3. every time it's well defined and effective policy is critical for an institutional investors.