Unable to run Managed Folder Assistant

Issue:  User is recently enabled with Archive Mailbox and assigned with relevant MRM Policy having tag to archive emails from date before a specific duration. When an admin is trying to run the Managed Folder Assistant to make the archiving policy in effect, getting error that no Archive Mailbox exists for the user.

Cause: The possible cause is observed as presence of a Security and Compliance Center archiving policy that is preventing the Exchange policy to execute.

Resolution: To resolve the issue, access the Compliance Admin Center, then Data Life Cycle Management tab then Retention. Access the policy (if exists) and exclude the affected user from the policy. Once excluded wait for some time (few hours approximately) to the change to be effective. Try running managed folder assistant again.

Note: If the Security and Compliance retention policy doesn't exist and if the user is not a part of this policy, the cause of the above issue may be different and require a different course of action.