Case Background :

Gary and Cynthia age 32 & 30-year old respectively and have a son aged 3.

Gary and Cynthias Financial Needs :

Completely fund the university education for their son.

Probably buy a new car for HK$450,000 in about 3 years.

Maintain their current living standards after retirement.

Establish an investment portfolio and/or other arrangements for their retirement.

As a Wealth Manager, you are required to write a wealth management plan for the couple with full analysis of risks and returns in order to achieve their goals. You should analyze the situation, address related issues and give appropriate recommendations.

Note : As the case may not contain all necessary information, you can make no more than 5 necessary and reasonable assumptions as appropriate. You should list and explain these assumptions at the beginning of the report.

3000 words please

Income \& Expenses Data of Gary and Cynthia for the year 2021 Income (annual) Salary (after tax) - Gary Salary (after tax) - Cynthia 600,000 150,000 Expenses (annual) Mortgage payments Utilities Management Fees Taxes Other household expenses Food and supplies Restaurant Expenses Clothing Personal care Car Loan payments Gas, Tolls, Parking Repairs Entertainment and Vacation Medical Expenses Insurance - Life, automobile \begin{tabular}{r} 100,000 \\ 24,000 \\ 24,000 \\ 42,000 \\ \hline 30,000 \\ 80,000 \\ \hline 25,000 \\ 50,000 \\ \hline \hline, 000 \\ 30,000 \\ \hline \hline 65,000 \\ 10,000 \\ 30,000 \\ \hline 15,000 \\ 36,000 \\ 40,000 \end{tabular} Education expenses Assets and Liabilities of Gary and Cynthia as at December 31, 2021 Liquid Assets Cash \& Checking A/C balance Savings A/C balance HK\$\$ 250,000 600,000 Investments Mutual Funds Local Stocks 300,000 Retirement Plan Mandatory Provident Fund 700,000 Housing Apartment at Kwun Tong (market value) 0,500,000 Automobile Car at market value 50,000 Personal Property Watches \& Jewelry Furniture \& Appliances 150,000 80,000 Current Liabilities Current Bills (unpaid balance) 0 (Pay their bills on Long-term Liabilities Mortgage Loan 2,200,000 Other Loans Personal Loan 80,000 Insurance Coverage Gary Cynthia Life Insurance $1,500,000$1,500,000 Income \& Expenses Data of Gary and Cynthia for the year 2021 Income (annual) Salary (after tax) - Gary Salary (after tax) - Cynthia 600,000 150,000 Expenses (annual) Mortgage payments Utilities Management Fees Taxes Other household expenses Food and supplies Restaurant Expenses Clothing Personal care Car Loan payments Gas, Tolls, Parking Repairs Entertainment and Vacation Medical Expenses Insurance - Life, automobile \begin{tabular}{r} 100,000 \\ 24,000 \\ 24,000 \\ 42,000 \\ \hline 30,000 \\ 80,000 \\ \hline 25,000 \\ 50,000 \\ \hline \hline, 000 \\ 30,000 \\ \hline \hline 65,000 \\ 10,000 \\ 30,000 \\ \hline 15,000 \\ 36,000 \\ 40,000 \end{tabular} Education expenses Assets and Liabilities of Gary and Cynthia as at December 31, 2021 Liquid Assets Cash \& Checking A/C balance Savings A/C balance HK\$\$ 250,000 600,000 Investments Mutual Funds Local Stocks 300,000 Retirement Plan Mandatory Provident Fund 700,000 Housing Apartment at Kwun Tong (market value) 0,500,000 Automobile Car at market value 50,000 Personal Property Watches \& Jewelry Furniture \& Appliances 150,000 80,000 Current Liabilities Current Bills (unpaid balance) 0 (Pay their bills on Long-term Liabilities Mortgage Loan 2,200,000 Other Loans Personal Loan 80,000 Insurance Coverage Gary Cynthia Life Insurance $1,500,000$1,500,000