Investment Wars

Debate: Direct Lending and the Evolution of Private CreditFeaturing: Alona Gornick, Managing Director & Senior Investment Strategist at Churchill Asset Management (an affiliate of Nuveen, the $1 trillion asset management arm of TIAA) Alona Gornick joins Investment Wars to break down one of the fastest-growing corners of alternative investing: direct lending to private U.S. companies. In a wide-ranging conversation, she explores the history of private credit, how regulation and bank consolidation created opportunity for asset managers, and why institutions and now individual investors are turning to the space for income, diversification, and resilience. From the role of private equity sponsors to the rise of retail-friendly structures, this episode demystifies a complex but increasingly essential part of the investment landscape. In today’s episode, we explore:The growth of private credit from niche strategy to a $2 trillion marketHow bank consolidation and post-GFC regulation opened the door for asset managersWhy institutions embraced private credit for yield, diversification, and inflation protectionThe five key features of direct lending: income, floating-rate inflation hedge, diversification, low volatility, and resilienceConcerns around “too much capital chasing deals”—and why demand still outstrips supplyThe rise of retail access via non-traded BDCs, interval funds, and innovative structuresWhy manager selection, track record in avoiding losses, and sourcing advantage are critical for investorsSubscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.—IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Interest Rates and Economic Distortions Featuring: Paul Musson, Former Senior Portfolio Manager at Mackenzie Investments & Author of Capital OffencePaul Musson joins Investment Wars to unpack one of the most misunderstood forces shaping modern markets: interest rates. In a thought-provoking conversation that touches on inflation, money supply, and the consequences of government intervention, Musson makes the case for economic education and a return to first principles. From the natural rate of interest to the dangers of debt-fueled consumption, this episode offers a sharp critique of how policy distorts the economy—and what investors need to understand to navigate it.In today’s episode, we explore: The difference between the natural and neutral rates of interest—and why it mattersWhy a stable money supply may be better than endless expansionHow inflation arises when money growth outpaces productivityWhat good deflation looks like—and why it’s not necessarily badThe inflationary consequences of government stimulus during crisesHow education and transparency can empower better financial decision-makingWhy the current system rewards a few at the expense of many—and what needs to changeIs it time to rethink everything we’ve been taught about inflation, interest, and economic intervention?Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.—IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Trade Imbalance – Is Reindustrialization the Key to U.S. Economic Resilience?Featuring: Eli Horton, Senior Portfolio Manager & Investment Committee Member at TCW.Eli Horton joins Investment Wars to debate one of the most pressing economic challenges of our time: the U.S. trade imbalance and the industrial response it demands. In a conversation spanning global supply chains, national security, and the race to rebuild domestic manufacturing, Horton explores how public and private capital expenditures (CapEx) and reshoring strategies are reshaping the investment landscape.In today’s episode, we explore:The economic and strategic implications of America’s persistent trade deficitsThe case for a manufacturing renaissance amid growing geopolitical tensionsLabor shortages and their inflationary impact as production returns homeThe role of Mexico and other nearshoring hubs in a multipolar supply chainHow the energy transition is fueling infrastructure demand and CapEx growthIdentifying the sectors and regions poised to benefit from strategic reshoringIs this the dawn of a new industrial era—or are we underestimating the challenges ahead? Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.—IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Energy Infrastructure – Will It Double in the Next Decade?Featuring: Robert Thummel, Senior Portfolio Manager & Investment Committee Member at Tortoise Capital.As the U.S. power grid strains under the weight of rising demand, AI-fueled data centers, and shifting global energy dynamics, one sector stands at the center of it all: energy infrastructure. In this episode, we break down the critical—and often misunderstood—backbone of the modern energy system. With insights from industry veteran Rob Thummel, we explore: In today’s episode, we explore:What qualifies as “energy infrastructure”Why energy demand, flat for nearly two decades, is now set to surgeCan our grid and pipeline systems keep up—or are we already hitting bottlenecksWhy U.S. energy needs may diverge from the global pictureWhere investors should look for the best risk-adjusted opportunitiesSubscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.—IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: How to Measure and Navigate Market UncertaintyFeaturing: Professor Nick Bloom is the William Eberle Professor of Economics at Stanford University, Senior Fellow at SIEPR, and Co-Director of the Productivity, Innovation, and Entrepreneurship Program at the National Bureau of Economic Research.Uncertainty is one of the most critical—and elusive—forces shaping markets today. How is it measured? How does it affect economic and financial market behavior? And what strategies can help investors navigate periods of high uncertainty?  On Wednesday, April 2nd — “Liberation Day” — President Trump announced sweeping tariffs targeting countries with which the U.S. has trade imbalances. The tariffs, which disproportionately affected key allies, sent markets into a tailspin. In just 48 hours, U.S. equity markets suffered the greatest two-day destruction of market wealth on record. But even more troubling were the developments in the bond market, which ultimately triggered a 90-day policy pause.   While the direct math of tariffs implies rising inflation and falling consumption—raising risks of a recession or worse—the more complex and destabilizing element is uncertainty. In today’s episode, we explore:How uncertainty is measuredIts real-world impact on the economy and financial marketsStrategies for navigating uncertain market environmentsDon’t miss our discussion of the Economic Policy Uncertainty Indexes, co-developed by Professor Bloom and referenced throughout the episode.  Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.—IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: How Do I Select the “Right” ETF?Featuring: Adam Patti is the Co-founder and CEO of Vistashares, an ETF issuer designed to provide pure exposure to disruptive technology-driven supercycles. He is an industry pioneer and insider with vast ETF development and construction knowledge.There are at least 24 artificial intelligence-themed ETFs in the market. How can we differentiate one from the other and make an appropriate decision about which to buy? What factors should we be considering?In today’s episode, we explore:A brief history of the ETF marketHow ETFs revolutionized the capability to achieve tailored exposure among other benefitsAreas of focus when analyzing whether to buy an ETFSubscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: LA Fires - The Complexities of InsuranceFeaturing: Jerry Theodorou is the Director of the Finance, Insurance, and Trade Policy Program at the R Street Institute, a public policy research organization. In this role, he develops and promotes free-market public policy solutions to complex issues involving federal and state government interventions.In January, the LA area was ravaged by a series of devastating wildfires, notably the Palisades and Eaton Fires. Collectively there were over 16,000 structures destroyed, tens of thousands of evacuees, and 29 fatalities. Wildfires seem to be an annual event in California, destroying property and risking lives. In today’s episode, we explore:How the insurance industry has coped historically with catastrophes.The current state of insuring property in places with high risks of events like fire, hurricanes, and flooding.The future of the insurance industry. Subscribe to Investment Wars on YouTube, Apple Podcasts and Spotify to ensure you never miss an episode. For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Innovation Episode - The Future of AIFeaturing: Tejas Dessai is a Director of Thematic Research at Global X. His research has been extensively covered in the tech and financial press, including the Wall Street Journal, Bloomberg, The Washington Post, and Reuters. This is a timely conversation given the recent major release of DeepSeek V3 which upended the world of AI given its leap in efficiency – the claim is that it essentially matches the best available US models while being 20 – 50x cheaper to use. In this episode, Tejas and I have a broad conversation about AI and how it will affect the world, the economy, and the financial market going forward.We regularly reference Global X’s fantastic Charting Disruptions Outlook for 2025 and Beyond. Topics Include:America’s position in the global race to lead on AIThe ecosystem supporting AIImplications on various industries and jobs given the continued growth of AI Never miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Will the Fed Cut Rates in 2025?  Featuring: JoAnne Bianco, CFA is a Partner and Senior Investment Strategist at BondBloxx. Bondbloxx is the first ETF issuer to focus solely on providing precision tools in managing exposures within Fixed Income Markets. Prior to joining Bondbloxx, JoAnne was a Senior Portfolio Manager at PPM as well as Director of Corporate Bond Research. She has over thirty years of relevant fixed income experience.    This is a timely conversation in understanding some of the economic characteristics the Fed reviews as well as the many moving pieces globally that affect inflation, jobs, and the economy in general.  Topics Include:How a Fed cut affects the economy and financial marketsA review of inflation concernsAn outlook on financial markets including expectations of Fed actions in 2025Link: BondBloxx 2025 Fixed Income Market Outlook provided by JoAnne BiancoNever miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Are We Entering a New Golden Age of US Manufacturing?  Featuring: Chris Semenuk is a fund manager at Tema ETFs where he is currently focusing on the theme of American Reshoring as captured in the American Reshoring ETF (Ticker: RSHO). Prior, Chris was with TIAA where he was a portfolio manager for a $5 billion equities mutual fund.  The decision of where to place the next factory has become more complex as the cost in China and other global manufacturing hubs has increased dramatically as have the geopolitical risks. In this episode, we discuss how this story has evolved over the last twenty years before digging into the realities in the US, China, and globally as related to manufacturing.  Topics Include:How the US is now competitive in areas of manufacturingIncreasing risks of global logistics (e.g., piracy, climate)Government intervention through subsidies (e.g., CHIPs Act) and tariffsNever miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Should We Invest in China?  Featuring: Brendan Ahern, the Chief Investment Officer at KraneShares. He is a preeminent expert in global financial markets with a particular focus on China.  China is considered the second largest economy in the world behind the US yet represents less than 5% of a typical diversified global equity exposure as compared to over 50% for the US. In this episode, we dive into the current state of the Chinese economy.  Topics Include:A quick review of the rich history of China up to the present dayHow demographics and urbanization have affected growthA deep dive into the real estate sector given recent stressesPlease also check out China Last Night, a daily newsletter published by KraneShares and spearheaded by Brendan Ahern.  Never miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Why Are Interest Rates Now Declining?  Featuring: Lara Rhame, the Chief U.S. Economist and Managing Director on the Investment Research Team at FS Investments.  Last week, the Federal Reserve lowered the Federal Funds rate by 0.50%. This was the first decrease in rates in over two years, reflecting the start of an “easing” cycle. We explore what major market characteristics the Fed reviews in coming to their decision, and how this decision may affect yields both generally and to the economy as a whole.  Topics Include:What is “maximum employment” and why do we aim for a 2% inflation rate?The dangers of spiraling inflation or disinflationThe potential for a normalized curveNever miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: What Will Jobs Look Like in 2040?  Featuring: Stephanie Aliaga, a Global Market Strategist with JP Morgan Asset Management assisting in formulating and communicating economic views, delivering timely commentary and maintaining forecasting models on behalf of JP Morgan. Additionally, Stephanie is on the committee that produces the long-term capital market assumptions underpinning JP Morgan’s strategic asset allocation process.  Please note JP Morgan’s AI Hub which further details some of the ways AI will affect the future of jobs, a discussion point on our podcast.  Last month, the Labor Department reduced its original estimate of jobs added in the prior year by 800,000! We explore why the large reduction as well as how many jobs adds are actually needed to maintain a humming economy prior to shifting focus on some of the characteristics affecting today’s job market. We further explore how innovations may change the look and feel of future jobs.  Topics include:Demographics and immigrations effect on net new jobs.AI and Robotics and what is in store for productivity.The state of jobs in 2040.Never miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: NEW JERSEY! Is NJ a Bellwether for What Lies Ahead for the US in a Complex and Changing World?Featuring: John Hasse, Professor of Geography at Rowan University, Director of the Geospatial Research Lab, and Director of the Community and Environmental Planning Program.New Jersey, the most dense state in the US, features 127 miles of coast, deep ports beneficial for shipping, prime agricultural soils, highlands, ridges and valleys. We explore how the “big history” of New Jersey affects its planning and its economy. And how what happens in New Jersey is both a microcosm of and a leading indicator for the future of the United States.  Topics include:How NJ geography affects the use of the landUrbanization and re-urbanizationAreas where NJ leads the countryWe reference www.njmap2.com in this podcast. Never miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: The Upcoming Election: Will the Winner Materially Affect Market Performance in the Near Term?Featuring: Paul Hickey, co-founder of Bespoke Investment Group.  40% of the population will be devastated come November 5th as their (hopefully) voted for president-elect loses. While we emphasize and are saddened by the polarization in our political system, we explore how much our next president actually affects near term financial market performance.  Topics include:Where our political parties align (e.g., China!) and expected effects on the market.Where our political parties diverge (e.g., Social services and regulation) and expected effects on the market.A case study using Apple as proxy for expected affects on revenues, cost and sentiment.Never miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: How Demographics May Affect Future Interest Rate and Debt Levels  Featuring: James Meyers, CFA, Principal and Portfolio Strategist for Prudential Group Investment Management (PGIM) Fixed Income.   We discuss how shifting demographics (i.e. America is getting older!) will affect pretty much everything in our economy inclusive of productivity, tax rates, debt levels and interest rates. When a population ages, you simply have fewer people relative to the population able to participate in the workforce which puts pressure on all of society. Will innovation and further general advancements in technology allow us to mitigate these risks or are we heading into a lower-growth, more expensive environment?    Topics include:How aging demographics affected other developed countries, notably JapanHow a shift in demographics affects tax, consumer spend and government assistanceMitigating age through productivity and immigrationNever miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Will the Crypto Ecosystem Disrupt Both Fiat Currency and Digital Technologies?Featuring: David LaValle, Senior Managing Director and Global Head of ETFs at Grayscale Investments, the world’s largest digital currency asset manager.  We discuss how cryptocurrencies may live side by side with a fiat currency like the US Dollar or the Nigerian Naira to use an example of a weaker currency and financial system and how one may think through elements of the crypto ecosystem such as currencies, smart contracts, and financial systems.  Topics include:What just happened in Nigeria! And why?Are cryptocurrencies a storer of value, a type of currency or both?Crypto basicsDisruptive technology and future innovationNever miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that effect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Will the Fed Really Cut Rates Three Times this Year?  Featuring: Michael Shaoul, Chairman, Portfolio Manager and CEO of Marketfield Asset Management, an asset manager specializing in global macro investing.  Macro investing focuses on an in-depth analysis of the economic, monetary and credit environments in assessing what markets and products to have exposure to. Using this context, one can better appreciate what it means to have set interest rates and how differing factors may contribute to headline inflation.  Topics Include:The potential dangers of lowering federal fund rates too fastHow the economy is currently faringWarning signs in certain sectors of the marketsNever miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that effect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Do Recent Disruptions in the Real Estate Sector Create Opportunity in 2024?  Featuring: Lauren Hochfelder, Co-Chief Executive Officer of Morgan Stanley Real Estate Investing (“MSREI”) and Head of MSREI Americas, one of the longest-tenured real estate investment management businesses, with a number of offerings across the risk spectrum.The Real Estate sector has experienced one disruption after another as Covid ravaged the commercial office building sector quickly followed by supply chain issues, increasing inflation and finally significantly higher borrowing costs affecting the values of property across America. We are privileged to have Lauren Hochfelder on the show to help navigate this complicated story and uncover potential opportunities.  Topics Include:Did Covid permanently change or simply speed up secular trends?Is commercial office space going the way of the mall or is there more nuance here?What exactly constitutes “commercial” retail nowadays?How does reshoring/onshoring affect the real estate markets?Effects of E-delivery and logistics?What are the millennials going to do?Is there truth in the impending “debt maturity wall”?Do high yields and general disruption spell gloom or opportunity?Never miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that effect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

Debate: Will Robots Take over the World?!Featuring: Zeno Mercer, an expert on Robotics with VettaFi RoboGlobal Indexes. Zeno is an Investor & Researcher in Robotics, AI & Healthcare.Amazon may have more robot “workers” than human ones. Robots are increasingly replacing humans on factory floors given upgrades in their technologies. Furthermore, robots may be an integral part of the answer to current and potential continuous labor shortages as reshoring occurs (note Episode 14) given recent geopolitical tensions and increased government spend in infrastructure and manufacturing. Topics Include:What distinguishes a robot from a tool or machine.A review of the last few generations or robots and what is to come.The incredible dexterity that robots now have.How automation, AI and robots create the tools to accomplish almost anything robotically over the near future.Can robots take over the world?Never miss an episode — subscribe to Investment Wars on Apple Podcasts and Spotify.For inquiries: podcast@fountainheadam.com— IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that effect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.