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You are a financial advisor and a longtime client comes into your office. The client is 68 years old, a retired psychiatrist, with no other income other than his portfolio with you (he is waiting until 70 to take Social Security), which is made up of thirty blue-chip dividend paying stocks. However, some of the stocks in the portfolio have recently decided to cut their dividends, even though the prospects for the companies are still very favorable. The client is considering buying more risky stocks that pay higher dividends to make up for this income loss. Given that some stocks have decided to cut their dividends, the client will need to sell some shares to generate cash to live on. The client is hesitant to sell any stocks that he would be taking a loss on, but is willing to sell stocks that he has a gain on. The client also mentions that he recently received a lump sum inheritance of cash, which increases his total net worth by 30%. He would like to invest this money as well in dividend paying stocks, but he is afraid of a market correction in the near term so would like to dollar cost average into the market over the next three years. The client is also concerned that his portfolio has not beaten the market, and believes that you, as his money manager, should be able to beat the market. While in your office the client gets an urgent phone call and has to rush out, but on his way out mentions that he would like you to send him an e-mail with your recommendations. Assignment: Please write a 1,000 word email to this client giving your recommendations for what he should do and why, using concepts from Finance for Normal People. Please include concepts from the text as appropriate and be cognizant of the fact that the client has not read the book and is not a financial professional. The more you reference the text the higher your grade will be.