Client is a married couple with four children ages 2-9. She is a late-40s stay-at-home mom and he is an early-50s tax attorney with a solid grasp of financial concepts. He has been, and remains, a big believer in the concept of "pay yourself first." As a result, he has accumulated $500,000 in his IRA. The couple intends to send all four children through college, but aside from his IRA, the couple has only a 6-month emergency fund in a money-market account. They have no other pension or retirement accounts and intend to fund their retirement with his IRA and his Social Security benefit. They live in a modest $200,000 home with a $150,000 mortgage.

Using your client's information and what you have learned in this course, develop an investment policy statement for your client, offer recommendations for the client's portfolio, and provide a justification for the recommendations presented. The policy statement must include the following information:

A detailed explanation of the investment policy statement, including the investment objectives for the portfolio, based on the unique needs and preferences of the client.

Description of any investment constraints, liquidity needs, and the client's time horizon.

A justification of each of the investment recommendations you will make to the client.