Phil does a deep dive on sequence-of-returns risk, the impact of fees, and how the biggest controllable risk in retirement is client behavior. He explains why benchmark-based illustrations often exclude advisory and manager fees, then challenges common reverse-return examples that scare clients with unrealistic scenarios. Phil uses historical 25-year rolling periods to show where losses actually cluster and argues that structure helps advisors prepare for early losses. He also connects advisor fees to behavior management and reliability of income. In Q&A, Phil and Tom discuss inflation modeling, inherited annuities, income step-ups, immediate annuity layering, net return assumptions, 401(k) RMD edge cases, and client-facing illustrations.