Claire (age 38) works as a senior operations manager and Daniel (age 39) is an IT project manager. They have approached you to provide advice on their financial position, specifically in the creation of wealth over the long term. They have provided the following income and expense details: Claires salary: $210,000 ($114,000 after tax) Daniels salary: $120,000 ($71,500 after tax) Claires bonus: $30,000 guaranteed next year. Their home is jointly owned and valued at $640,000. They owe $250,000 at 4.44% and are currently paying $1,258 monthly (Principal and Interest) as a standard repayment, plus an extra $1,000 per month. Daniel owns a New Zealand-based exchange-traded fund (currently valued at $90,000). They estimate their living expenses to be approximately $100,000 p.a. Claire returned to study part-time to complete her MBA and has student loans that she is repaying through her PAYE. She contributes 3% to KiwiSaver and salary sacrifices 5% from her employer. In response to the COVID 19 workplace changes, she has agreed not to receive a pay increase for the next two years, in return for a lump sum pre-tax bonus of $30,000 next year (Year 2). She estimates that she will receive an after tax payment of $14,000. Daniel is not expecting any pay increases in the near future and states he will be happy if he keeps his full-time employment. Claire has $75,000 in her KiwiSaver and Daniel has $132,000. They are both invested in the balanced fund option. They have two cars (valued at a combined amount of $45,000) and their contents is worth $120,000. They have $10,000 in savings although this amount varies depending on monthly outgoings. They try to keep the balance at $10,000. They have had a quote to renovate their home for $45,000 and they have reluctantly decided to wait until next year to do this work, if Daniel needs to cut back his hours. Claire and Daniel want their money to work for them and think they should add a regular amount to Daniels ETF. Using the information already provided and provide Claire and Daniel with your investment plan for them. This should include the following: (a) Clarification of goals and objectives and identification of scope of advice (including any trade-offs you would recommend to the client). (5 marks) (b) A summary of your recommendations (including recommended financial products) and why the advice is appropriate, and in the clients best interests. (10 marks) (c) Advantages and disadvantages of the strategy. (3 marks) (d) An alternative strategy. (2 marks) (e) Any assumptions used in the preparation of your advice. (3 marks) (f) Disclosures of fees and charges associated with your advice (including product recommendations). (5 marks) (g) Record keeping requirements for the provision of advice to retail clients. (2 marks)