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The financial planner, Lisa McMillan, met with Dr. and Mrs. Franklin to discuss their financial goals. Their priorities include saving for their children's college education, retirement at age 67 without needing to work, managing risks like life insurance, cash management, and estate planning. Lisa will provide a comprehensive plan for a fee of $2,500 and will focus on retirement planning first. The Franklins want to maintain their lifestyle in retirement, with Dr. Franklin possibly continuing part-time work and Mrs. Franklin pursuing hobbies. Assumptions include a 3% inflation rate and a moderate to conservative investment risk tolerance. Hello, Dr. and Mrs. Franklin, thank you so much for meeting with me again, it has been an enjoyable engagement. Once again, my name is Lisa McMillan, I just want to say that you guys are very astute in the financial management of your home and your lifestyle. You recognize your strengths in money management, and you are great at planning and savings, and in addition, you guys are seeking some solutions and professional guidance on major life financial goals. So let's review your goals and your prioritization of them. Priority number one, college education, you want to provide for your two children an undergraduate college education. Priority number two, you want to retire at age 67, you don't want to have a need to remain employed beyond that, and your goal is to live a modest and comfortable lifestyle. You don't want to be a burden to your family. Priority number three, risk management, you want to manage any risk that you can, addressing your life insurance and disability needs. Priority four, cash management, you want to invest any cash not required for an emergency reserve and set up boundaries for your wants, and priority five, estate planning guidance. So my role as a certified financial planner is to provide a comprehensive holistic plan, and as a fiduciary, I'm legally and ethically obligated to act in the best interest of you guys, my clients, at all times. So the development and presentation of this comprehensive plan is going to be completed for a fee of $2,500. As I present these recommendations today, consider any specific concerns and objectives that you may identify. Today, we're going to focus on priority two, which is retirement. You have indicated that you would like employment to end at age 67 and for it to be optional. You wish to receive an inflation-adjusted equivalent of your current annual projected retirement expenses. You want it to be a course in current year dollars. You don't want to be a financial burden to your children. You have modest expectations for retirement, but you don't want to make any drastic lifestyle changes. Dr. Franklin, you said you may be open to continuing your medical practice, but at a reduced pace, and Mrs. Franklin, you've expressed a desire to spend time on hobbies like gardening and traveling. So we're going to make some assumptions about what it's going to look like and what it will take to get there. The general inflation rate we're going to assume an inflation rate of 3%. Your investment risk tolerance is moderate to conservative, and that's only during the accumulation period and more conservative portfolio allocation during the distribution period.