Search found 68 matches

by greybus
Fri Feb 16, 2018 5:21 pm
Forum: Investing - Help with Personal Investments
Topic: Tax loss harvesting and whether robo-investor fees are worth it
Replies: 27
Views: 3015

Re: Tax loss harvesting and whether robo-investor fees are worth it

Wisebanyan does TLH for 0.24% fee, but caps fees at $20 per month ($240/yr). I've posted about them in the past (and use them myself), but not much love here for Wisebanyan, or robos in general. The company is small and people question their long-term business strategy, although M1 Finance is smalle...
by greybus
Sun Jan 21, 2018 8:25 pm
Forum: Investing - Theory, News & General
Topic: Automated Tax Loss Harvesting by Robo Advisor - Anyone with real results?
Replies: 40
Views: 4733

Re: Automated Tax Loss Harvesting by Robo Advisor - Anyone with real results?

Is it fair to write that practically all the Robos are using small-cap and value- tilted portfolios and models for their clients? So when small-cap value does poorly as it did in 2017, then all the Robos should trail the performance of a 3-fund total market weighted portfolio unless the Robos do so...
by greybus
Tue Oct 31, 2017 11:29 pm
Forum: Investing - Help with Personal Investments
Topic: Schwab Intelligent Portfolios vs. WiseBanyan v. M1 Finance
Replies: 50
Views: 6563

Re: Schwab Intelligent Portfolios vs. WiseBanyan v. M1 Finance

If you are willing to use M1 (with no TLH) then did you consider Folio or Motif? Folio's unlimited service is $290/yr. This will allow you to create your own Folios = Motifs = Pies and trade/rebalance. Your cost will breakeven with M1 at $128,334 and be cheaper thereafter. Folio does do Window Trade...
by greybus
Sat Oct 21, 2017 7:42 pm
Forum: Investing - Help with Personal Investments
Topic: SWYAX - Schwab Target 2010
Replies: 6
Views: 659

Re: SWYAX - Schwab Target 2010

This is from their prospectus (page 5 of the PDF) Schwab Target 2010 Index Fund "The fund’s asset allocation as of February 1, 2017 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 37.1% equity securities, 55.9% fixed income securities, and 7.1% cash and c...
by greybus
Wed Oct 11, 2017 11:17 pm
Forum: Investing - Help with Personal Investments
Topic: Schwab Intelligent Portfolios vs. WiseBanyan v. M1 Finance
Replies: 50
Views: 6563

Re: Schwab Intelligent Portfolios vs. WiseBanyan

I decided to make the Wisebanyan account 90/10 which is the most aggressive it permits. The reason being that I don't need to own bonds in a taxable account and have plenty of space in my tax deferred accounts to keep may allocation where I wish it to be. I'll probably do the same thing over at Sch...
by greybus
Wed Oct 11, 2017 11:15 pm
Forum: Investing - Help with Personal Investments
Topic: Schwab Intelligent Portfolios vs. WiseBanyan v. M1 Finance
Replies: 50
Views: 6563

Re: Schwab Intelligent Portfolios vs. WiseBanyan

I have a Wisebanyan account. I like them a lot and feel their web interface is better than most. I also feel like they "borrow" many good ideas from Betterment that other robos do not have, like fractional shares, Goal based investing, etc. They pick low cost ETFs, have no hidden fees and have a goo...
by greybus
Tue Jul 25, 2017 10:54 pm
Forum: Investing - Help with Personal Investments
Topic: Rich kid want to transfer stock to parents, good or bad idea ?
Replies: 25
Views: 4184

Re: Rich kid want to transfer stock to parents, good or bad idea ?

If your son owns the shares of stock in his own personal brokerage account, he can gift the shares to you by transferring ownership through his brokerage. You will inherit his original cost basis, meaning when you sell the stock, you will owe capital gains on the appreciation, although at your perso...
by greybus
Mon Jul 24, 2017 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Another bay area housing thread..
Replies: 143
Views: 17428

Re: Another bay area housing thread..

I think it would also be instructive for people to look up going rental rates in the Bay Area. In Palo Alto (yes, a very HCOL area), the cheapest SFH rents for $6000 for 1500sq and goes up to $15k... I agree with the poster who said you may want to reconsider townhomes or condos.
by greybus
Mon Jul 24, 2017 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: Another bay area housing thread..
Replies: 143
Views: 17428

Re: Another bay area housing thread..

I know the BH are trying to be helpful, but the OP didn't ask for advice on where to live, but how to value his RSUs. I wonder how many who are stuck on his $1.7m price actually looked on Zillow or Redfin in the SF Bay Area? I did a quick search on Redfin in Palo Alto (one of the priciest areas to b...
by greybus
Mon Jul 24, 2017 6:41 pm
Forum: Investing - Help with Personal Investments
Topic: Rich kid want to transfer stock to parents, good or bad idea ?
Replies: 25
Views: 4184

Re: Rich kid want to transfer stock to parents, good or bad idea ?

Does your son have company stock from the company he works for, or did he invest in index funds as his career advanced? It sounds like he vested in his own company's stock. Assuming he would gift shares by transferring ownership to you, you would be highly concentrated in only one company. I would a...
by greybus
Wed Jul 19, 2017 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Compensation and Subspecialties
Replies: 52
Views: 5963

Re: Physician Compensation and Subspecialties

I find this to be an odd statement, since many people use a hospitalist position as a stopgap before pursuing their passions. The reasons are myriad, but it could be a short break to start a family, make some money, do research, and the list goes on. What was your reason then for not pursuing a fel...
by greybus
Tue Jul 11, 2017 8:09 pm
Forum: Investing - Help with Personal Investments
Topic: TD Ameritrade vs Vanguard for Vanguard ETFs?
Replies: 43
Views: 6030

Re: TD Ameritrade vs Vanguard for Vanguard ETFs?

The article from Allen Roth and the forum post by Taylor discuss some of the the differences between MF and ETFs, but in general, if you are buying Vanguard ETFs or MF, they are remarkably similar. Your original post was about where to hold Vanguard ETFs, but the thread also started to discuss pros ...
by greybus
Tue Jul 11, 2017 10:00 am
Forum: Investing - Help with Personal Investments
Topic: TD Ameritrade vs Vanguard for Vanguard ETFs?
Replies: 43
Views: 6030

Re: TD Ameritrade vs Vanguard for Vanguard ETFs?

I almost feel more confused after reading that article. How about these two scenarios: A. I invest $100K in VTSAX (Admiral Shares version of Vanguard Total Stock Market Index Fund) and do not change my position for 1yr B. I invest $100K in VTI (ETF version of Vanguard Total Stock Market Index Fund)...
by greybus
Tue Jul 11, 2017 9:03 am
Forum: Investing - Help with Personal Investments
Topic: TD Ameritrade vs Vanguard for Vanguard ETFs?
Replies: 43
Views: 6030

Re: TD Ameritrade vs Vanguard for Vanguard ETFs?

So, with most MFs you should expect to handle a Schedule D at the end of the year, (even if you hadn't reduced your position) because there likely would have been some internal sales of assets within the MF. But with Vanguard MFs you potentially would NOT need to handle a Schedule D because you wou...
by greybus
Mon Jul 10, 2017 11:42 pm
Forum: Investing - Help with Personal Investments
Topic: TD Ameritrade vs Vanguard for Vanguard ETFs?
Replies: 43
Views: 6030

Re: TD Ameritrade vs Vanguard for Vanguard ETFs?

I did do my research a while back and decided on ETFs over MFs---main reasons being taxes and flexibility. But I've already forgotten the finer details and am now starting to question my choice. It's a good point you raise. Thx for adding it to the discussion. Vanguard mutual funds are different fr...
by greybus
Sun Jul 09, 2017 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: A good VISA card for Gas & Groceries?
Replies: 66
Views: 5844

Re: A good VISA card for Gas & Groceries?

So I only have to leave $100,000 sitting in a BoA savings account earning 0.01% APY to get a better cash back than BCP? Wow what a deal :oops Holding $100k in ETFs at Merrill Edge will qualify you, doesn't have to be in their saving account. And the ETFs or stocks can be from any company, including...
by greybus
Sat Jul 08, 2017 9:50 pm
Forum: Investing - Help with Personal Investments
Topic: TD Ameritrade vs Vanguard for Vanguard ETFs?
Replies: 43
Views: 6030

Re: TD Ameritrade vs Vanguard for Vanguard ETFs?

Do the Vanguard ETFs have Admiral class equivalent mutual funds? If so, there are some advantages to buying the mutual fund over the ETF. Also, if you know you will be buying only Vanguard ETFs, these are probably going to be commission free forever if bought and held at Vanguard. If you eventually ...
by greybus
Fri Jul 07, 2017 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: A good VISA card for Gas & Groceries?
Replies: 66
Views: 5844

Re: A good VISA card for Gas & Groceries?

With B of A preferred platinum honors rewards visa you get 5.25% cash back on gas, 3.5% on groceries, 1.75% on other. This. If you have > $100k in transferable securities/assets (stocks, ETFs) that you transfer to Merrill Edge, you will qualify for BoA Preferred Rewards program. Having > 100k in as...
by greybus
Wed Jul 05, 2017 9:38 pm
Forum: Investing - Help with Personal Investments
Topic: CA 529 or Vanguard 529?
Replies: 30
Views: 6897

Re: CA 529 or Vanguard 529?

If you are going to use the age-based allocation, you should also look at the "steps" of the glide path where the asset allocations change. Some plans have steep glide paths (that is, fewer steps), while others have more steps and a more shallow glide path. Note that steep or shallow is not better o...
by greybus
Mon Jul 03, 2017 1:14 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity 529 - Where's the Love?
Replies: 29
Views: 6174

Re: Fidelity 529 - Where's the Love?

(1) does anyone know the (current) highest max 529 account value from another good 529 plan? (2) Has anyone tried the College Gifting https://www.fidelity.com/529-plans/college-gifting portal for Fidelity 529's? I've wanted to be able to easily gift other people 529 money and am considering recomme...
by greybus
Mon Jul 03, 2017 1:08 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity 529 - Where's the Love?
Replies: 29
Views: 6174

Re: Fidelity 529 - Where's the Love?

Finance-MD wrote:
The NH plan shows $475k max when I look it up, in comparison to AZ ($431k max), DE ($350k), and MA ($400k).
You're right, they must have raised the limit since I last looked a few years ago.
by greybus
Mon Jul 03, 2017 10:07 am
Forum: Investing - Help with Personal Investments
Topic: Fidelity 529 - Where's the Love?
Replies: 29
Views: 6174

Re: Fidelity 529 - Where's the Love?

Fidelity offers a 529 in MA, NH, AZ and DE. Their NH plan is supposed to be the National plan, but I don't know if they really care which plan you open. The AZ plan has a higher maximum account limit. The all-in fees seem the same regardless. https://www.fidelity.com/529-plans/overview The middle ri...
by greybus
Sat Jul 01, 2017 11:44 am
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge - alternative
Replies: 18
Views: 2468

Re: Merrill Edge - alternative

If you are buying the same basket of stocks/ETF in the same percentages in every transaction, then you can use motif to trade 30 securities for $9.95. They also have a subscription service if you make more frequent transactions. Foliofn has an unlimited plan ($290/yr?) if you feel you need to trade ...
by greybus
Thu Jun 22, 2017 9:10 pm
Forum: Investing - Help with Personal Investments
Topic: Which 529 Plan in 2017?
Replies: 9
Views: 2056

Re: Which 529 Plan in 2017?

Do most people pick their 529 plan investments with their overall portfolio in mind OR can I just pick an age-based portfolio that will auto rebalance? Although some will say you should include the 529 as part of your overall allocation (avoiding bucketing/mental accounting/proclaiming money is fun...
by greybus
Wed Jun 21, 2017 7:16 pm
Forum: Investing - Help with Personal Investments
Topic: Which 529 Plan in 2017?
Replies: 9
Views: 2056

Re: Which 529 Plan in 2017?

Copied from my other post, see for more details: https://www.bogleheads.org/forum/viewtopic.php?t=220692#p3400786 You should try to decide ahead of time what you want: an age-based portfolio that will auto-rebalance/auto-glide, a fixed static portfolio, or individual index options that you can slice...
by greybus
Tue Jun 20, 2017 8:22 pm
Forum: Investing - Help with Personal Investments
Topic: Fund of Fund Expense Ratio
Replies: 12
Views: 1787

Re: Fund of Fund Expense Ratio

You should look at the disclosure for the Nevada 529 plan. https://personal.vanguard.com/pdf/529progdesc.pdf Page 30 lists the underlying fund expenses (0.04%), as well as the state fee (0%) and the program management fee [split between Vanguard and Ascensus] (0.13%). So the all-in fee is 0.17%. The...
by greybus
Mon Jun 19, 2017 11:04 pm
Forum: Investing - Help with Personal Investments
Topic: front loading 529
Replies: 10
Views: 1893

Re: front loading 529

All 529 plans have some additional fees layered on in addition to the underlying investment fees, so the 529 fees will always appear more "expensive". However, you have to decide if this additional expense is worth the state tax deduction, tax deferred growth, and no capital gains upon withdrawal (a...
by greybus
Mon Jun 19, 2017 10:39 pm
Forum: Investing - Help with Personal Investments
Topic: Schwab 3-fund vs Target Date vs Intelligent Portfolio
Replies: 21
Views: 7029

Re: Schwab 3-fund vs Target Date vs Intelligent Portfolio

Schwab Intelligent Advisory looks like it's just the robo Schwab Intelligent Portfolios allocations doing the "driving", with an advisor available for financial planning and guidance and such. It doesn't specifically mention the allocations available, but further on down, it does mention that the Ca...
by greybus
Sun Jun 18, 2017 12:00 pm
Forum: Investing - Help with Personal Investments
Topic: Saving for investment property...muni bonds vs. ETF's?
Replies: 22
Views: 1823

Re: Saving for investment property...muni bonds vs. ETF's?

Also ETFs are just an investment vehicle. They are agnostic as a group, but what's inside the ETF can vary dramatically, from mimicking an extremely cheap efficient diversified stock index fund, to being an expensive leveraged nondiversified gold miner or Bitcoin fund. You have to read the prospectu...
by greybus
Sun Jun 18, 2017 11:43 am
Forum: Investing - Help with Personal Investments
Topic: Saving for investment property...muni bonds vs. ETF's?
Replies: 22
Views: 1823

Re: Saving for investment property...muni bonds vs. ETF's?

However, to account for inflation I'd like to safely be making at least 5% annually. There is nothing you can invest in that gives 5% annually guaranteed. You may want to read more about the concept of higher risk for potential higher reward. That is, if you want the possibility of 5% annual return...
by greybus
Fri Jun 09, 2017 8:15 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Fees
Replies: 11
Views: 2932

Re: 529 Fees

If I go with the Nevada Vanguard plan, it's probably better then to take the the portfolio funds. Or do single funds have some advantages, even though costing more? Unless you know exactly what you want, use the age-based option https://investor.vanguard.com/529-plan/age-based-options . This will a...
by greybus
Thu Jun 08, 2017 10:59 pm
Forum: Investing - Help with Personal Investments
Topic: California Intermediate-Term Tax-Exempt
Replies: 4
Views: 1862

Re: California Intermediate-Term Tax-Exempt

Vanguard California Intermediate-Term Tax-Exempt VCAIX dividends ("interest") are exempt from Federal and CA State income tax. I'm not sure about your county as each county might be different. Do note that VCAIX *could* be subject to the Alternative Minimum tax if they had any Private Activity bonds...
by greybus
Thu Jun 08, 2017 10:28 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Fees
Replies: 11
Views: 2932

Re: 529 Fees

Here are some examples where you can see all of the fees lined up: New York http://cdn.unite529.com/jcdn/files/NYD/pdfs/DisclosureBooklet.pdf page 6. The underlying fund fees vary, but the Program management fee is adjusted so the Total Annual Asset-based fee paid for every fund is 0.16%. There is n...
by greybus
Thu Jun 08, 2017 9:53 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Fees
Replies: 11
Views: 2932

Re: 529 Fees

You need a direct-sold plan, not an advisor sold plan. I'm sorry you lost (and continue to lose) money, both from the load as well as the ongoing account maintenance fee. But beyond this, you are getting fleeced from the All-in "Total Annual Asset-based fee" (ER plus annual sales fee plus program fe...
by greybus
Tue Jun 06, 2017 11:11 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity 529 - Where's the Love?
Replies: 29
Views: 6174

Re: Fidelity 529 - Where's the Love?

It's age-based index portfolios have an ER of .13%, and for those who want to slice and dice, the total market (US) index is .11%, Int'l. is .14%, and Intermediate bond is .18%. Conversely, VG's NV plan is .17% ER for age-based, with the slice and dice portfolios starting at .19%. Fidelity lowered ...
by greybus
Sun Jun 04, 2017 1:07 pm
Forum: Investing - Theory, News & General
Topic: An interesting take on the term "actively-managed" porfolio...
Replies: 3
Views: 813

Re: An interesting take on the term "actively-managed" porfolio...

I'm not sure I understand the mechanics here. But if a trade is happening every 5 minutes and there are commissions for buying and selling, it looks like there are 78 potential trades a day (5-minute increments in 6.5 hours). Even if half of them are "hold", that leaves 39 trades a day. It won't ta...
by greybus
Fri May 26, 2017 4:02 pm
Forum: Investing - Theory, News & General
Topic: Schwab Intelligent Portfolio vs DIY
Replies: 8
Views: 2875

Re: Schwab Intelligent Portfolio vs DIY

There are actually several ways that Schwab is making money off the SIP, and I think it is useful to separate them out when comparing to other robo-advisors. As pointed out above, you should not compare to DIY, as that should always be cheaper. Decide how much the robo-advisor costs and then determi...
by greybus
Wed May 24, 2017 10:01 am
Forum: Investing - Help with Personal Investments
Topic: Is Schwab Intelligent Portfolio OK for taxable accounts???
Replies: 33
Views: 4967

Re: Is Schwab Intelligent Portfolio OK for taxable accounts???

-- SIP - 50K + $250/Month-DCA 85:15 - Bonds: CA Muni Do you mind actually listing the asset classes and the % in each one? When I tried to replicate the 85-15 portfolio in SIP (without an account, but told them to use Ca Muni), it gave me the following (with no Ca Muni) [Stocks 85%] US Large Compan...
by greybus
Tue May 23, 2017 10:58 pm
Forum: Investing - Help with Personal Investments
Topic: Is Schwab Intelligent Portfolio OK for taxable accounts???
Replies: 33
Views: 4967

Re: Is Schwab Intelligent Portfolio OK for taxable accounts???

Yes, Is there any solution to this problem, except DIY 3 Fund portfolio with complex manual yearly re-balance ? A yearly rebalance is not complex at all, and many on this forum will say it takes 15 minutes, a spreadsheet and some grade school math. That is assuming you are not adding or withdrawing...
by greybus
Tue May 23, 2017 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard, Betterment and Wealthfront for a teenager
Replies: 16
Views: 2914

Re: Vanguard, Betterment and Wealthfront for a teenager

I've posted this elsewhere, if you can bear the risk of the company potentially being bought out or going under, Wisebanyan is another choice. Uses mostly Vanguard and ishares ETF. It's meant for investors just starting out. No minimum investment, uses fractional shares (like Betterment) so a small ...
by greybus
Tue May 23, 2017 9:18 pm
Forum: Investing - Help with Personal Investments
Topic: Is Schwab Intelligent Portfolio OK for taxable accounts???
Replies: 33
Views: 4967

Re: Is Schwab Intelligent Portfolio OK for taxable accounts???

How do you calculate .3 ? Is that weighted average of ER of your 94 SIP ? This is an old post I made several years ago. It has a link to a public Google Docs you can download for yourself, where I listed the ER for many different roboadvisors, as well as the weighted average ER for different portfo...
by greybus
Tue May 23, 2017 9:10 pm
Forum: Investing - Help with Personal Investments
Topic: Is Schwab Intelligent Portfolio OK for taxable accounts???
Replies: 33
Views: 4967

Re: Is Schwab Intelligent Portfolio OK for taxable accounts???

Why should I only consider Schwab TDR Index Inst Shares in Tax protected account ? You can surely use the Target Date fund in a taxable account but I would suggest you know what you are gaining and giving up. By using the fund, you are gaining simpicity/set and forget. But you are losing the abilit...
by greybus
Tue May 23, 2017 8:37 pm
Forum: Investing - Help with Personal Investments
Topic: Is Schwab Intelligent Portfolio OK for taxable accounts???
Replies: 33
Views: 4967

Re: Is Schwab Intelligent Portfolio OK for taxable accounts???

Me too. It has exceeded my expectations of a robo-adviser. There is a reason why Schwab Intel port has AUM in excess of $5B. Actually Schwab Intelligent Portfolios has $16 billion AUM as of 3/31/17. This doesn't include their new offering, Schwab Intelligent Advisory, which charges an actual adviso...
by greybus
Sat May 20, 2017 11:03 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity 401k options
Replies: 15
Views: 1729

Re: Fidelity 401k options

Roth 401k is different from Roth IRA. $18,000 annual contribution limit for 401(k). This is through payroll deduction. You can decide if you want it to go to Traditional 401k (you get a tax deduction now, but have to pay regular income tax in the future on withdrawals) or Roth 401k (no tax deduction...
by greybus
Sat May 20, 2017 9:50 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity 401k options
Replies: 15
Views: 1729

Re: Fidelity 401k options

Your 401k Target fund is likely to be a collective investment trust version of BlackRock's LifePath Index 2050. Here is a summary I pulled off the Fidelity workplace site (it's not exactly the same as the ER is 0.08) but the holdings mirror yours almost perfectly. https://nb.fidelity.com/public/work...
by greybus
Sat May 20, 2017 8:42 pm
Forum: Investing - Help with Personal Investments
Topic: Anyone use Motif Investing?
Replies: 5
Views: 1137

Re: Anyone use Motif Investing?

Motif is functioning like a brokerage. Your cost to trade the basket of ETFs is $9.95, but you would still be paying the expense ratio on the underlying investments (the expense ratio is taken from the returns before you see them, and is transparent to you. You'd pay the ER no matter where you buy t...
by greybus
Wed May 10, 2017 9:55 pm
Forum: Investing - Help with Personal Investments
Topic: Utah 529 Fees
Replies: 15
Views: 2527

Re: Utah 529 Fees

If you are willing to forgo VG funds, California's 529 ( https://www.scholarshare.com/research/fees.shtml ) has some of the cheapest bare-bones index options. They are run by TIAA-CREF. Their Passive Age-Based options are 0.11-0.17% depending on the age band, and they also have static Passive Multi ...
by greybus
Mon May 08, 2017 10:55 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 2625

Re: New Roboadvisor - Elm Funds

If you are looking for a "trend following" robo-advisor, I feel compelled to compare to Meb Faber's "free" robo-advisor. http://www.cambriainvestments.com/ 0% management fee* 0.15% platform fee (paid to Betterment) But he uses a mix of Vanguard and his own Cambria ETFs, which in general seem more ex...
by greybus
Mon May 08, 2017 10:08 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 2625

Re: New Roboadvisor - Elm Funds

Apparently the SMA was announced 12/2015. They had $400 million AUM at that time (presumably all in the private funds). http://www.prnewswire.com/news-releases/elm-partners-launches-robo-portfolio-solution-300185754.html There's a Redditt thread about this, from last year. https://www.reddit.com/r/i...
by greybus
Mon May 08, 2017 9:37 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 2625

Re: New Roboadvisor - Elm Funds

Actually I think I also misread the ADV1 (which was dated 3/2017), and would leave further interpretation up to the individual. (Item 5F) They have $404 million regulatory AUM, in 27 accounts. (Item 5C) They have provided investment advisory services to between 26-100 clients (this may or may not in...