me what you want to do... Document3- Word AaBbCcDc AaBbCcDc AaBbC AaBbCcL AaB AaBbCcL AaBbCcD Ad 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... E Styles Assumptions: You have met with a prospective client, Dr. Michael Madison, a senior associate in a group of radiologists. He came to you at the insistence of his wife. He completed your questionnaire and provided you with a copy of his personal financial statement, shown below, in advance of scheduling a meeting for more detailed discussion. Michael R. Madison, M.D. Personal Financial Statement Stated Market Value Cash: Bonds and Notes: $ 60,000 Municipal Bonds (various) CD's (various) $700,000 $100,000 Equities Growth Mutual Funds R&D Partnership (10 Units) $250,000 $100,000 HiTech Computing (5,000 shares) $ 5,000 Other Assets 1/3 Interest Rolling Acres (Family Farm) Residence (subject to $275,000 first mortgage and $50,000 home equity loan) Retirement Assets Self Directed: $250,000 $400,000 Growth Mutual Funds Bond Mutual Funds Certicates of Deposit $300,000 $300,000 $95,000 Total Assets $2,560,000 In the questionnaire, Madison disclosed that he is married, 54 years old, in excellent health and that his children are grown and self-supporting. His medical practice generates income of about $650,000 annually before taxes. His stock holdings are exclusively mutual funds, all purchased from a competing brokerage firm. He believes that the R&D Partnership may be worthless, although it is carried on his financial statement at its cost. The IRS has disallowed the investment deduction he took on his 2014 tax return for this item and is demanding $50,000 in past taxes, penalty and interest. His questionnaire also disclosed that he would like to reduce his day-to-day involvement in the radiology practice in a few years and let the younger associates take charge." Because of this he doesn't want to "lose money on investments" and believes his income should be maximized to provide a "healthy liquidity". He believes that 10% per year is a reasonable return target because stocks have historically provided this". Madison also noted in the questionnaire that he and his wife of 30 years have recently been working with a marriage counselor. Describe how the lack of complete information about the Madison's situation and the uncertainties thus created, impact your choice of investment policy for their account. Include in your response the impact on each of the objective and constraint elements that must be considered in generating an appropriate Investment Policy statement.