Recommend additional information that Zik could provide to enhance his portfolio reports for Patel.

Sharfepto Zik, a private wealth manager, is meeting with a client, Garbanzo Patel, in order to create an investment policy statement (IPS) for Patel’s upcoming retirement. Patel estimates that he will require €200,000 per year, with annual increases for inflation, during retirement.
Patel’s primary spending goals during retirement are to provide for his family’s needs and maintain his retirement lifestyle. His secondary goals are to fund his philanthropic activities and leave a significant inheritance to his children.

During his retirement, Patel will receive union pension payments of €50,000 per year with annual increases for inflation. In his spare time, Patel runs a small business that provides him with an annual income of €120,000 and is valued at €1 million. He will continue running his business during retirement.

Patel holds a portfolio of securities valued at approximately €4 million. The portfolio primarily contains dividend-paying stocks and interest-bearing bonds. Patel has reinvested all these distributions back into his portfolio but anticipates that after retirement he may need to use some of the distributions to fund his expenses.

Patel plans to buy a vacation home in three years. His budget for the vacation home is approximately €1.4 million. Patel has not decided yet how he will fund this purchase.