Bruce and Brenda are age 45. They have retail jobs earning $35,000 per annum each. The have one child, age 12. They rent a small apartment and live pay cheque to pay cheque. They have little in the form of savings, they provided you with their net worth statement and cash flow details.

Net Worth Statement
Assets:		Liabilities:
Bank account	1,200	Car loan	8,000
Non-registered Account:
Non-redeemable GIC - 12OCT2020 1.95%	2,000
RESP Account:
Canadian Equity Mutual Fund	200
RRSP Account - Bruce:
Market linked GIC Utilities - 05JAN2023	5,000
RRSP Account - Brenda:
Balanced Mutual Fund	6,200
Car	12,000
Whole Life Insurance CSV Money market fund	35,000
Total Asset	61,600	Total Liabilities	8,000
Net Worth	53,600

Cash Flow Statement
Income after deductions
Brenda	2,354
Bruce	2,354
Total Monthly Income	4,708
Expenses:
Rent	2,300
Utilities	200
Food	600
Car expenses	500
Car loan	200
Communication	350
Haircuts / prescriptions etc.	150
Transportation bus / uber, etc.	100
Whole life insurance	150
Misc.	158
Total Monthly Expenses	4,708

1. Discuss their portfolios and suggest changes you deem appropriate stating WHY these changes should be made. This applies to both the accounts and holdings. (20 marks)
2. How would you suggest they draw upon assets and income for retirement based on your suggested changes from part a? Also provide a suggested savings plan based on their current financial details. (15 marks)
3. Discuss their insurance needs and suitability of their current coverage. No calculation required, just a discussion. (10 marks)