You will submit a draft of your business wealth management memo. Your draft should contain all of the critical elements of the Final Project Part II. Upon submission, the instructor will provide feedback which should then be applied in preparation for the final submission.ProfileJane and Richard, a married couple in their mid- to upper-forties, have been building the $1.5 million they inherited about five years ago. Jane and Richard are very optimistic about the current market and want their portfolio to meet or exceed the stock market expectation of the last year. They have asked your firm to suggest a personal wealth portfolio commensurate to the market and risk level. The clients are open to various investment options to achieve their goals and expectations. In addition, the clients want to maximize wealth including offshore investment options or other strategies to minimize U.S. tax consequences. Their goal is to have sufficient funds available to maintain their current lifestyle of $200,000 per year (adjusting for inflation and not including pension or social security benefits) when they retire in 10 years. They also want to provide for their 14-year-old daughter Mary’s upkeep and schooling should something happen to them.Specifically, the following critical elements must be addressed:I.Executive Summary.Briefly restate the client’s request, as well as how you went about answering it. What additional information might you need to gather from the client to better assess the business’s needs?II.Business RiskHow might the client mitigate common business risks? Support your response with specific examples that illustrate both the risk and potential ways to address it. Your suggestions do not need to be exhaustive, but should give an idea of the different types of financial risk a start-up might face, including elements of the financial statements that the client should pay particularly close attention to as they review annual performance.III.Retirement BenefitsWhat are the key considerations in planning retirement benefits for the business? What options might the client consider andwhy? Be sure to discuss the pros and cons of each option and how those would (or would not) change as the business grows. Your suggestions do not need to be exhaustive, but should serve as a starting point for discussion with the client.IV.Tax ImplicationsHow might the client incorporate tax considerations in planning? Give examples of different federal or state tax rules that might apply and how these might impact the company’s opportunity for growth. Because the purpose of the memo is to start a conversation with the client, your response does not need to be exhaustive but should be illustrative of different types of tax management strategies the business might consider.V.Business Succession PlanningSuggest business succession options for the client to consider. Justify your response, highlighting the strengths and weaknesses of the different options and how the client might go about determining which option best aligns with the needs.