What Happens When AI Companies Run Out of Funding? | 06:41
Is AI funding at risk as interest rates rise and stock market volatility increases? Artificial intelligence is transforming the technology sector, but the growing cost of financing AI development raises an important question for investors: What happens when AI companies run out of funding?
In this episode of WWM Talks, Catherine Magaña, Rachel Ivanovich, Vince Stefano, and Greg Carroll explore the financial pressures facing AI companies, particularly smaller firms that rely on outside investment to fund expansion. With higher borrowing costs making capital harder to secure, could the future of AI growth depend increasingly on larger technology companies with stronger cash flow?
The team also examines AI stock market volatility, the risks of concentrated technology stock positions, and how rising Treasury yields and potential Federal Reserve rate hikes could affect investment portfolios.
Beyond AI funding concerns, the conversation covers important year-end financial planning strategies, including Roth conversions, required minimum distributions (RMDs), charitable giving, and tax deduction changes.
In this episode:
-
Why AI funding could be at risk as borrowing costs rise
-
How smaller AI companies finance growth and expansion
-
What funding challenges could mean for AI stocks
-
Why portfolio concentration increases investment risk
-
How rising interest rates affect markets and investors
-
Key year-end tax planning considerations
As AI investment continues to evolve, understanding funding risks and market volatility can help investors make more informed financial decisions.
Date Recorded: 11/12/26
Disclosure:
WWM Financial is an SEC Registered Investment Advisor
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry and how we may be able to assist. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. As always please remember investing involves risk and possible loss of principal capital. Tax considerations presented may not be appropriate every individual circumstance. A tax professional should be consulted before making any decisions about your tax liability. wwmfinancial.com | 760.692.5190
Transcript
00:00:01:11 – 00:00:21:18
Catherine Magaña
Welcome. I’m Catherine Magaña here with Rachel Ivanovich, Vince Stefano and Greg Carroll. Where we’re here to provide you insights on the markets tax planning and much more. Today is November 12th and we wanted to give you a quick update. Rachel and I recently got back from Schwab Impact. We actually there was so much news going on last week.
00:00:21:18 – 00:00:59:05
Catherine Magaña
We didn’t report back, but, we spent about a week in Boston. Schwab has had their annual conference there recently, and so we were able to, meet some other firms, other advisors. Sat through many sessions. The hot topic, obviously, of the, of the conference was AI. So we got inundated with a lot of information and we since then, are putting some, procedures in place here at our firm slowly, slowly as well as, we are still doing our due diligence and looking at some different technology, AI tools.
00:00:59:07 – 00:01:18:26
Catherine Magaña
We have a lot of rules and regulations with compliance and, different guidelines that we follow. So we just want to make sure we’re doing our homework and making sure we’re looking at this, efficiently. And so there’s more to come. It’s really opened our eyes. We definitely think there are some opportunities for us, to enhance our relationships with our clients.
00:01:18:28 – 00:01:44:10
Catherine Magaña
And once again, being really mindful of sensitivity of data and obviously, there’s a lot of other things that are being considered. We are going to next week, a few of us from our office are going to be meeting with a company that we do. We do invest a lot into our technology here. So we we have a meeting and we’re going to be visiting with the company that we have, some, technology with and just kind of see what’s to come with them as well.
00:01:44:10 – 00:01:47:19
Catherine Magaña
So more to come. But it was definitely a good package.
00:01:47:21 – 00:01:51:04
Rachel Ivanovich
Very impactful. No pun intended. Impact.
00:01:51:04 – 00:01:59:11
Catherine Magaña
When getting the chance to meet other advisors and firms and hear from Schwab. And so it was, definitely worthwhile and really excited about more to come.
00:01:59:12 – 00:02:16:18
Rachel Ivanovich
It was interesting for me as well. My son is a computer scientist, and he was, of course talking about a genetic AI, and I had no idea what it was until we went to the event. So it really opened my eyes as well. And we’re really excited to learn more and share with you as well in the future.
00:02:16:21 – 00:02:23:09
Catherine Magaña
Right. All right. So let’s talk about what’s affecting the market this week. There’s a lot on the table.
00:02:23:12 – 00:02:25:22
Greg Carroll
It’s is one thing.
00:02:25:24 – 00:02:53:07
Catherine Magaña
Well look at there. So there’s harder than expected inflation data. So the October CPI report, it’s not an official report year over year rate because last October 20th, 2025, there was a government shutdown. However, there’s some independent estimates that are looking at the 12 month headline inflation at about 4% and the core inflation at 2.8%.
00:02:53:07 – 00:03:14:24
Catherine Magaña
So, once again, that is a change, from September to October. So, once again, it looks like it’s been going up. And with that, that’s affected some of the, Treasury yields. So the ten year bond is, once again over 5%. And I’ll talk about that in just a moment. There’s the expectations for the additional fed hike rates.
00:03:14:24 – 00:03:38:27
Catherine Magaña
And that’s looking right now the probability is 100% probability of a rate hike. So I think that’s, definitely on the on the horizon here. And then we’re seeing the AI technology sector volatility. There’s been a lot of rotation and a lot of movement and, a lot of headlines. With the CEO resigning this morning from a major, technology, I, AI and chip company.
00:03:38:27 – 00:04:01:00
Catherine Magaña
So that’s kind of the talk of the town right now this week. And perhaps, somebody else will comment on that later. And then, we are seeing kind of year to date just kind of recapping, where we’re at with our kind of indexes. So as of yesterday’s close, yesterday was November 11th. The Dow Jones was up 9.20%.
00:04:01:03 – 00:04:24:10
Catherine Magaña
So we are up still for the year, but we are down from last week. The Nasdaq, which is the tech technology stocks, is up 9.57. The S&P 500 is at 11.30 which was down from last week. And the Nasdaq, even though it’s up this year was down from last week. And the Russell 2000, which is a small caps is at 14.68, which is down from last week.
00:04:24:10 – 00:04:47:04
Catherine Magaña
So everything pretty much over the last week is down. Markets are pretty flat or moving up a little bit this morning, but that’s it was down and it’s been fluctuating. But that’s kind of where we’re at for the last week. Looking at the kind of CD and the Treasury yields. So the one year CD right now is 4.7, and the one year t-bill is at 4.767.
00:04:47:05 – 00:05:09:19
Catherine Magaña
So the T-bills are a little bit higher right now as of this morning on the than the one year CD and the ten year Treasury right now. The last I looked was at 5.10. So that has come up pretty significantly over the last week. We already talked about the rate hike, coming our way. And so, lastly, the other item is mortgage rates.
00:05:09:19 – 00:05:32:07
Catherine Magaña
So over the last week they have come down slightly. Not too much of a change, but we’re looking at the 30 year at, 7.20 and the 15 year at 6.60. So that’s where we’re at. Still a lot of, news to digest. And the markets have been definitely been fluctuating a little bit this week.
00:05:32:10 – 00:05:51:24
Vince Stefano
You know, James Joyce is one of my favorite authors. And, you know, I was trying to figure out with all the stuff that was going on this week, you know, I feel like this is going to be a stream of consciousness today. So anyway, hear me out. Touching on your mortgage rates, which is kind of interesting.
00:05:51:25 – 00:06:18:12
Vince Stefano
There was an article I read recently about how a number of homeowners are now going to be very impacted because adjustable rate mortgages that they’ve had are now going to move from possibly 3% to now well over 7%. Now, I don’t want to be Doctor Doom, but I don’t know what kind of effect that’s going to have on overall consumer spending.
00:06:18:15 – 00:06:41:16
Vince Stefano
But it will, I think, continue to put a little bit of a wet blanket on the, on the real estate market, and real estate sales were down month over month and I think year over year as well. So these rates are definitely having a big impact. Obviously we all know what happened to the world’s biggest chip company.
00:06:41:19 – 00:07:19:11
Vince Stefano
But another, big issue facing, you know, some of these companies now is going to be financing AI and, you know, I was talking to a couple of people and in a large number of smaller AI companies that need to expand and develop their platforms need to raise money. And it’s tough for these smaller companies, especially with the higher interest rates, to go into the capital markets, especially the bond market, and get bond financing, because rates are way too high.
00:07:19:14 – 00:07:46:00
Vince Stefano
So what they did, and whether it’s good or bad and they’re finding out it’s probably today it’s bad, is they partnered with this, the world’s largest chip company. And when they did, the largest chip company decided to take an equity position in their company. And that’s how they use that capital to continue to develop and expand their platforms.
00:07:46:02 – 00:08:15:24
Vince Stefano
The big question now is if large cap technology companies are not going to do that, what happens to some of these smaller companies? How do they get financing? And I’ve been saying this many times on the podcast, the best way to play the AI technology, especially now and going forward, is with bigger cap technology names. And the reason you want to is, number one, they have robust revenue and earnings growth.
00:08:15:27 – 00:08:51:01
Vince Stefano
They have solid free cash flow to to finance or AI development. They have the ability to raise capital, especially from the bond market, if they need to go to the capital markets to raise money. And finally, just as important, large institutional money managers, when they need to redeploy capital or rotate out of higher beta names, what they typically do is they will go to the larger cap names because they can absorb a huge amount of trading on a given day.
00:08:51:08 – 00:09:27:11
Vince Stefano
So be cognizant of that when you’re kind of positioned in your portfolio going forward. And my last caveat, and Catherine and I have talked about this be careful with oversize positions in your portfolio. It’s wonderful, you know, when these positions are going up. But take a look at some of these big positions, and I know you may have big profits in them, and maybe you can offset them with some losses that you have, or maybe you just pay the capital gains tax and say, I’ve made a whole lot of money.
00:09:27:13 – 00:09:37:08
Vince Stefano
I’m going to take some money off the table, because I can tell you, it is so much better to sell when you can and not when you have to. So again, be cognizant of that.
00:09:37:08 – 00:09:51:09
Catherine Magaña
We’ve talked about we have that’s a good that’s a good point. Vince. And one of the things I think sometimes we have to point out is it doesn’t mean you have to sell all of it. Yeah, maybe take a smaller portion or the initial investment or do something once again, look at what’s the tax impact of that.
00:09:51:09 – 00:10:09:17
Catherine Magaña
And and then you can look at okay, is there any tax harvesting we can do to offset that if that’s in a taxable account versus an IRA. But I think sometimes what we find is for those that have concentrated positions, somehow they they think, oh, well, it’s all of it, but it’s not really let’s say we’re saying is, okay, let’s carve off a little bit and start, you know, reducing some exposure.
00:10:09:17 – 00:10:18:13
Catherine Magaña
And it’s hard, for some clients because they, it’s done so well for them. And, and, but when these markets fluctuate, you know, you can take something.
00:10:18:15 – 00:10:37:05
Greg Carroll
They have FOMO. Yeah. They don’t want to miss out. You know, they go to the cocktail parties, barbecues. And it was time you got I’ll this you on that. How would you pay for it. And and I think the concentration risk which is in the S&P 500 as well top ten companies are you know what 3,040% of it.
00:10:37:05 – 00:11:02:14
Greg Carroll
So I think a lot of people’s portfolios in times like this when you own one of those companies and it, you know, co does something or whatever it is, you see these big drawdowns and it is really a time to kind of take a look at the overall portfolio. And right now with rates going up, you know the bond market have you own bonds are probably not doing real well because as rates go up they’re coming down.
00:11:02:16 – 00:11:31:20
Greg Carroll
So a lot of people have stayed away from them. But now again, the ten years over 5%, that’s pretty safe money. You got to start looking at bonds. And you said that before when I think the ten year was at 530 a month ago or less. And then it dropped to 480 and now it’s back to 510. So take advantage of some of those, reassess your allocation and look for those over concentrated positions because there are good rates out there.
00:11:31:23 – 00:11:46:08
Greg Carroll
If you’re carrying variable rate debt on your own self, like a mortgage, that’s not a good thing for what we’re going into. But inflation is here. It’s sticky. And the Fed’s going to raise rates next month. And they there’s talk. They might even do 50 basis points that I heard.
00:11:46:08 – 00:11:48:18
Vince Stefano
They may go big. They may go big 50.
00:11:48:20 – 00:12:09:23
Greg Carroll
And yeah I don’t know if Warsh would do that. But some of the other fed governors have brought it up. So that’s potentially on the table. But they’ll do it again. What is the next meeting in January. Oh after December after. Yeah I think January and then March or whatever. But they might not skip the January meeting if they don’t do 50 basis points.
00:12:09:25 – 00:12:13:13
Vince Stefano
They’re going to skip October. So they’re not going to have a meeting in October. So they may.
00:12:13:15 – 00:12:14:21
Greg Carroll
Well that’s that’s a year from now.
00:12:14:21 – 00:12:17:22
Vince Stefano
Yeah. But it’s still but that’s how the fed thinks. They don’t think.
00:12:17:24 – 00:12:18:18
Greg Carroll
Yeah.
00:12:18:20 – 00:12:19:27
Vince Stefano
They think long term.
00:12:20:00 – 00:12:40:11
Greg Carroll
But but you know it’s been all over the board whether they’re going to raise in December. And should they have done it last month who knows. But you know it’s just a good time. End of the year tax loss harvesting gain harvesting like you mentioned last week Rachel. So, it really is a time to sit down and take a serious look at your portfolio.
00:12:40:11 – 00:12:58:25
Greg Carroll
Don’t get have FOMO about this. I trade there’s so many other areas of the market that are probably a better, investment opportunity. And maybe, you know, you’re just lacking in that area. So sit with your financial professional and take a good hard look.
00:12:58:27 – 00:13:01:11
Catherine Magaña
So what’s going on with the tax world?
00:13:01:14 – 00:13:06:01
Rachel Ivanovich
Well, we have 50 days left in the year. So time to do tax planning.
00:13:06:01 – 00:13:07:06
Greg Carroll
We have a whole 50.
00:13:07:09 – 00:13:07:23
Rachel Ivanovich
Yes.
00:13:07:24 – 00:13:08:11
Greg Carroll
It sounds like it’s like.
00:13:08:11 – 00:13:09:26
Catherine Magaña
It’s only like two weeks left behind.
00:13:09:26 – 00:13:33:21
Rachel Ivanovich
It. That’s what it seems like. Well the IRS did release the tax inflation adjustments for 2027 last week in case you’re curious. But I think most people are talking about 2026 planning and taxes. So I’m not going to touch on the numbers. But if you are curious, you can go ahead and look at the 2027 numbers. So there are several important tax law changes for 2026.
00:13:33:24 – 00:14:00:26
Rachel Ivanovich
For next year when you’re going in to file taxes. So the big one is charitable giving. The rules have changed quite a bit. So what you need to keep in mind is starting for the 2026 tax year. If you itemize, you can only deduct your charitable contributions that exceed, a half a 1% of your adjusted gross income, which basically means if your adjusted gross income is $200,000, the first thousand dollars of your charitable donations won’t be deductible.
00:14:00:28 – 00:14:23:27
Rachel Ivanovich
That’s just kind of how that works. On the positive side, if you don’t itemize, you now can deduct $1,000, for individuals and $2,000 for married couples. And the standard deduction has as really increased. So if your mortgage interest is low or your taxes are low, you may be standard deduction and not itemizing. So just keep that in mind.
00:14:24:00 – 00:14:51:12
Rachel Ivanovich
But a planning tip for that is consider donating appreciated stock. Maybe you’re bunching charitable donations. So one year you’re donating a lot and the next year you’re not. Or maybe if you’re over 70.5, you’re using qualified charitable distributions from your IRA. So that’s charitable giving, state and local tax deductions, as was all the news with the one big Beautiful Bill act and the Tax Cuts and Jobs Act back in 17.
00:14:51:12 – 00:15:24:24
Rachel Ivanovich
So if you are in a state that the state taxes are really high, this is really good news for you, because the salt cap state and local taxes increased from $10,000 to $40,000. And I saw that as a huge, huge impact on a lot of my clients returns this last year. So take a look at that. There used to be a strategy where you would prepay property taxes in December and, or you would make your fourth quarter estimated payment in December versus in January.
00:15:24:24 – 00:15:46:27
Rachel Ivanovich
That used to be. And now from 25 through 28, if your income is under $500,000, that might be a strategy for you to look into. So definitely, think about those state tax payments before the end of the end of the year. And then the IRS did release, the estate planning exempt. Let’s see here, and gifting numbers.
00:15:46:27 – 00:16:09:27
Rachel Ivanovich
I’ve got it here on paper somewhere. So the estate tax exclusion. So estates of decedents who passed away during 2027 have the basic exclusion amount of 1515 million for 80, which is up from 15,000,000 in 2026. And then you can gift in 2027 up to $20,000 annually. So I thought that was kind of a some good numbers too.
00:16:09:27 – 00:16:10:13
Rachel Ivanovich
No.
00:16:10:15 – 00:16:13:22
Catherine Magaña
Great. Yes. Oh, it seems like they change it every year a little different.
00:16:13:22 – 00:16:15:15
Rachel Ivanovich
It’s nice they change it. Yeah. Exactly.
00:16:15:17 – 00:16:36:29
Catherine Magaña
The cost of living adjustment there. All right. So a few things, we’ve been having conversations and I think we’ve touched on that. We’ve been touching on it pretty much all year long. But this is the time, we’ve been having a lot of conversations. We’ve been talking about partial Roth conversions. Right. So, once again, it’s all over the media, the headlines, it’s everywhere.
00:16:36:29 – 00:16:52:19
Catherine Magaña
And and so while, it makes sense for some people, it doesn’t make sense for all. And it’s kind of case by case, but, for if you do have an interest in having it, look at that for you. Please let us know. This would be around the time we want to, have those conversations now that we’re approaching the end of the year.
00:16:52:22 – 00:17:00:08
Catherine Magaña
We’ve had multiple conversations already, and we’re continuing those conversations. The reason why we don’t wait till the end of the year. Because if there’s.
00:17:00:08 – 00:17:00:19
Rachel Ivanovich
A price.
00:17:00:19 – 00:17:24:08
Catherine Magaña
Is, yes, a lot of things happen. You know, if we plant earlier and then I’ll send you have a property or something, an inheritance or something that comes your way that you weren’t accounting for. That was really change the number. So we have, been looking at that pretty closely and happy to continue that conversation. Kristen and Carrie have been working with our clients that have that need the 2026 required minimum distributions.
00:17:24:10 – 00:17:35:16
Catherine Magaña
Most of our clients have fulfilled that already. I know there’s some letters and more, they’ve been following up on. And so if you haven’t taken that yet, please reach out to our office. And we’re happy to have that conversation. Do you.
00:17:35:16 – 00:17:36:28
Rachel Ivanovich
Want to do a qualified charitable.
00:17:36:28 – 00:17:39:00
Catherine Magaña
Discussion? I want to talk about I think we’ve talked about we’ve.
00:17:39:00 – 00:17:57:04
Rachel Ivanovich
Talked about that. So basically instead of taking the money as a RMD or required minimum distribution, you can take your required minimum amount and send it directly or, or have sent it directly to a charity. And that doesn’t, get counted as part of your taxable income. You have to be over seven and a half. But if you’re taking RMDs, you’re probably over 70.5.
00:17:57:08 – 00:18:03:06
Catherine Magaña
Yes, exactly. Okay. So I think that covers kind of for today’s forum. Great.
00:18:03:10 – 00:18:03:21
Vince Stefano
In great.
00:18:03:22 – 00:18:22:23
Catherine Magaña
Yes. So here we are. It’s interesting. And I look this morning we’re at 43 as of this morning which is fear. Whereas last week we were at extreme fear at 20 and, and so and then now if you look at the returns from last week to this week, we’re actually down from last week, believe it or not.
00:18:22:23 – 00:18:27:26
Catherine Magaña
But the markets I think it’s not as well. I don’t know what’s happening, but people are a little nervous.
00:18:27:27 – 00:18:31:16
Vince Stefano
Friday last week was a horrible day, so I’m sure that fear.
00:18:31:16 – 00:18:34:13
Catherine Magaña
Lasted when we looked at it last Thursday.
00:18:34:15 – 00:18:44:16
Vince Stefano
And Friday really pushed it. Yeah, and then Monday, Tuesday, Wednesday it wasn’t too bad. And then today it’s been all probably all over the board.
00:18:44:21 – 00:19:05:27
Greg Carroll
It’s just yeah, I think the it came down so much on Friday and hasn’t fully recovered in some of the, some of the tech area actually has. But you know, given the circumstances from the tech camp or the chip company. Yeah, I think you know it. It’s kind of it’s not that volatile today really, but it has lost over $1 trillion in market cap.
00:19:06:00 – 00:19:15:23
Greg Carroll
But I think because it’s kind of calmed down itself until something else comes out, I think the markets, it’s fearful, but not as bad as it was last week.
00:19:15:28 – 00:19:47:21
Vince Stefano
You know, and I think investors look at it and, you know, they look at this company and they say, okay, there are a ton of other very good companies that have chips and technology that, you know, people can go to to offset some of the need that they may have from the biggest chip company in the world. And it’s also you have to remember, this is kind of stocks specific or company specific to, you know, this one company.
00:19:47:23 – 00:20:06:25
Vince Stefano
You know, there are other companies that have great CEOs and great management teams that, you know, right now, we’re not seeing any issues that involve, you know, in fidelity. But you never know. And that’s why, again, large outsized positions, you never know where stuff comes from. Right. So I think.
00:20:06:25 – 00:20:08:12
Catherine Magaña
We’ll be caught off guard a little bit.
00:20:08:12 – 00:20:17:17
Vince Stefano
On this. Oh, this one was. Yeah. I mean, I, I thought the biggest problem was going to be when the CEO had to go in front of Congress, but apparently not.
00:20:17:20 – 00:20:32:11
Greg Carroll
Well, by resigning today where, you know, a lot of that uncertainty is gone. So that cleared up, you know, cleared the way for the next process, finding someone to replace him. So I think that also helped. It’s like finality. He’s still got to go to Washington.
00:20:32:13 – 00:20:47:13
Vince Stefano
And it’s also I think the market started bouncing off some of the lows today because some of that certainty of what’s going on with that one company is kind of now looking like it may be in the rearview mirror. Now, he you’re right. He still has to go in front of Congress. And, you know.
00:20:47:15 – 00:21:00:24
Greg Carroll
There’s so it could be a lot of issues with, you know, you know, sending chips to the wrong countries and stuff. So yeah, it’s that’s a lot to be seen. But at least he’s going to be out of the headlines, which is good news.
00:21:00:25 – 00:21:01:25
Catherine Magaña
You’re on that for sure.
00:21:01:25 – 00:21:03:24
Greg Carroll
I’m not sure whether that was. Yeah. Yeah.
00:21:03:24 – 00:21:10:06
Vince Stefano
It was you know the way they were bouncing it today. Who knows. It can be a very interesting next six weeks to eight weeks every six weeks.
00:21:10:06 – 00:21:10:21
Greg Carroll
Of the year.
00:21:10:21 – 00:21:10:28
Vince Stefano
Is that.
00:21:11:03 – 00:21:12:07
Rachel Ivanovich
Have 50 days, 50.
00:21:12:07 – 00:21:15:07
Vince Stefano
Days, 50/50, 50 could be.
00:21:15:09 – 00:21:16:07
Rachel Ivanovich
Could be a very.
00:21:16:07 – 00:21:25:22
Vince Stefano
Interesting 50 days. And who knows? I mean, this could be this could be a, you know, the Santa Claus rally. You have to remember at that start somewhere.
00:21:25:22 – 00:21:30:07
Greg Carroll
Around well, next week that company actually has their earnings call.
00:21:30:09 – 00:21:36:26
Vince Stefano
Yeah. And you know it’s going to be and everybody’s going to look and be looking at backlog. And if backlog looks good.
00:21:36:28 – 00:21:40:07
Greg Carroll
They’re sold out through the end of next year at least. So yeah they’re there. Yeah.
00:21:40:08 – 00:21:47:03
Vince Stefano
You know it could I mean the market bounced it this morning. So I think they’re looking in the rearview mirror now okay.
00:21:47:05 – 00:21:54:29
Catherine Magaña
All right. Well I think that concludes today’s podcast. And we want to thank you for joining us. And we’ll see you next week.
00:21:55:01 – 00:22:20:18
Greg Carroll
Please stay tuned for important disclosures. The opinions expressed in this program are for general informational purposes only, and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry, to determine which investments may be appropriate for you. Consult your financial advisor prior to investing.
00:22:20:21 – 00:22:45:03
Greg Carroll
Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always, please remember investing involves risk and possible loss of principal capital. Please seek advice from a licensed professional who is a registered investment advisor with the SEC.
