CCT Asset Management
CCT Asset Management© is the institutional brand for Chevy Chase Trust Company and is intended for qualified institutions only.
PSN Manager of the Decade Award
Through a combination of Informa Financial Intelligence’s proprietary performance screens, *PSN Top Guns ranks products in six proprietary categories in over 50 universes. This quarterly ranking and is widely used by institutional asset managers and investors. Top Guns of The Decade Criteria: The PSN universes were created using the information collected through the PSN investment manager questionnaire and use only gross of fee returns. Mutual fund and commingled fund products are not included in the universe. PSN Top Guns investment managers must claim that they are GIPS compliant. Products must have an r-squared of 0.80 or greater relative to the style benchmark for the ten-year period ending December 31, 2020. Moreover, products must have returns greater than the style benchmark for the ten-year period ending December 31, 2020 and also standard deviation less than the style benchmark for the ten-year period ending December 31, 2020. At this point, the top ten performers for the latest ten-year period ending December 31, 2020 become the PSN Top Guns Manager of the Decade.
Chevy Chase Trust Company (“CCT”) is part of PSN’s Global Equity Universe. The PSN Global Equity Universe membership consists solely of equity products (excluding products primarily focused on REITs or commodities) that are not constrained by geographic region. CCT Global Thematic Equity is an equity asset class return for households being managed in CCT’s Global Thematic style, as determined in CCT’s subjective judgment. This asset class return does not include cash and excludes certain households based on factors. Therefore, the returns ranked do not take into account all households managed by CCT, and different methods of defining CCT’s Global Thematic style could produce different results. During periods of high relative equity returns, the inclusion of cash would have reduced returns and may have reduced the ranking in the PSN database. As of 12/31/2020. the Global Thematic Equity asset class return reflects about 57% of the households managed by CCT, because CCT, in its own judgement, excludes households where CCT determines that it cannot fully implement its investment strategy. CCT, like all other participants in the PSN Global Equity Universe, pays a subscription fee to PSN to utilize its features, including the ability to run statistical reports. CCT does not pay a fee to submit its return data. The firms included in the PSN Global Equity Universe may have materially different investment strategies, terms, risk and reward profiles compared to CCT. As a result, prospective investors should not place undue reliance on the PSN award and the PSN award should not be used as a sole basis for investment decision.
CNBC’s Financial Advisor 100
CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for 2021’s Financial Advisor 100 (“FA 100”) list. The methodology consisted of first analyzing a variety of core data points from AccuPoint Solutions’ database of registered investment advisors. This analysis started with an initial list of 38,302 RIA firms. Through a process conducted without input by CCTC, the list was eventually cut to 749 RIAs, with those firms meeting CNBC’s proprietary criteria. (All the data collected from the RIAs was information culled from the firm’s filings with the Securities and Exchange Commission.)
CNBC staff sent an email survey to all those firms that met the initial criteria to gather more details. AccuPoint again applied CNBC’s proprietary weighted categories to further refine and rank the firms, ultimately creating the list of the top 100. The primary data points used in the analysis were reviewed, either as a minimum baseline or within a range, eliminating those firms that did not meet CNBC’s requirements. Once the initial list was compiled, weightings were also applied accordingly. These data points included:
- Advisor’s compliance record
- Number of years in the business
- Number of employees
- Number of investment advisors registered with the firm
- The ratio of investment advisors to total number of employees
- Total assets under management
- Percentage of discretionary assets under management
- Total accounts under management
- Number of states where the RIA is registered
- Country of domicile
CCTC’s ranking on the FA 100 list, and the associated FA 100 article, should be considered informational and should not be considered as an offer for services or investment advice. Clients or prospective clients of CCTC should carefully review CCTC’s Form ADV Part 2 in evaluating the firm or any of its employees. This ranking does not evaluate the quality of services provided to clients and is not indicative of the firm’s future performance. Neither CCTC nor its employees pay a fee to CNBC in exchange for inclusion in the FA 100. CCTC does run paid advertising on CBNC from time to time and its Chief Investment Officer has appeared periodically on the Halftime Report. She received no compensation for these appearances.
Online Publications
This commentary is for informational purposes only. The information set forth herein is of a general nature and does not address the circumstances of any particular individual or entity. You should not construe any information herein as legal, tax, investment, financial or other advice. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments. This commentary includes forward-looking statements, and actual results could differ materially from the views expressed. Past investment performance is not a guarantee or predictor of future investment performance. There are risks associated with investing in securities, including risk of loss of principal. Foreign investing involves special risks, including the potential for greater volatility and political, economic and currency risks. Clients with different investment objectives, allocation targets, tax considerations, brokers, account sizes, historical basis in the applicable securities or other considerations will typically be subject to differing investment allocation decisions, including the timing of purchases and sales of specific securities, all of which cause clients to achieve different investment returns. The recipient assumes sole responsibility of evaluating the merits and risks associated with the use of any information herein before making any decisions based on such information.
Financial Planning
Financial Planning rankings are based on Assets Under Management disclosed in the advisor’s Form ADV Part 1, filed with the Securities and Exchange Commission. This rankings do not reflect any qualitative evaluation of an advisor’s investment strategy or approach. One should evaluate each advisor closely based on one’s own unique facts and circumstances to select the advisor most appropriate for the individual’s needs. Chevy Chase Trust Company did not pay Financial Planning a fee or any compensation for being considered for this ranking.
Financial Times
The Financial Times 300 Top Registered Investment Advisers is an independent listing produced annually by Ignites Research, a division of Money-Media, Inc., on behalf of the Financial Times (July 2020). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. The listing reflected each practice’s performance in six primary areas: assets under management, asset growth, compliance record, years in existence, credentials and online accessibility. Over 750 qualified firms applied for the award, 300 of which were selected (40%). This award does not evaluate the quality of services provided to clients and is not indicative of the practice’s future performance. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.
Forbes and RIA Database
According to Forbes’ website, RIA Database and its sister website, RIA Channel, compiled information from publicly available sources about each firm ranked on the list. RIA Database used quantitative, including assets under management, and qualitative factors in selecting those firms that appeared on the list. CCTC is not affiliated with and does not endorse Forbes or RIA Database/RIA Channel and makes no representations concerning the factors used in compiling the list. CCTC’s ranking on the Forbes list, and the associated Forbes article, should be considered informational and should not be considered as an offer for services or investment advice. Clients or prospective clients of CCTC should carefully review CCTC’s Form ADV Part 2 in evaluating the firm or any of its employees.
Forbes: Top Women Wealth Advisors
The Forbes ranking of America’s Top Women Wealth Advisors, developed by SHOOK Research, is based on an algorithm of: qualitative data, such as telephone and in-person interviews, a review of best practices, service and investing models, and compliance records; as well as quantitative data, like revenue trends and assets under management. All advisors have a minimum of seven years’ experience. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. CCTC did not compensate or pay a fee to Forbes nor SHOOK in exchange for rankings. SHOOK Research invites advisors that meet the minimum requirements to complete an online survey. CCTC provided information to SHOOK as part of this process. The requirements at the time of nomination were as follows:
Basic Requirements For Top Women Wealth Advisors
- 7 years as an advisor
- Minimum 1 year at current firm, with exceptions (acquisitions, etc.)
- Advisor must be recommended, and nominated, by their firm
- Completion of an online survey
- Over 50% of revenue/production must be with individuals
- Acceptable compliance record
Quantitative
- Revenue/production; weightings assigned for each
- Assets under management—and quality of those assets—both custodied and a scrutinized look at assets held away. (Although individual numbers are used for ranking purposes, we publish the entire team’s assets)
- Client-related data, such as retention
- Portfolio performance is not a factor; audited returns among advisors are rare, and differing client objectives provide varying returns
Qualitative
- Telephone and in-person meetings with advisors (if an in-person meeting cannot be accomplished, exceptions are considered in which the interview will occur after a ranking has been published).
- Compliance records and U4s. Some “dings” can be overlooked (e.g., firm or product failure beyond the scope of an advisor’s due diligence; the older a ding, the less we look). Since there are many gray areas, the SHOOK team is willing to listen to a firm that is willing to stand behind the advisor with written support from leadership.
- Advisors that provide a full client experience: Service model; investing process; fee structure (higher % of fee-based assets earns more points); Breadth of services, including extensive use of firm’s platform and resources (e.g., liabilities)
- Credentials (years of service can serve as proxy)
- Use of team and team dynamics
- Community involvement
- Discussions with management, peers, competing peers
- Telephone and in-person meetings
U4/Compliance Issues
The following conditions will be considered in order to lessen weightings infractions:
- Infractions that are denied or closed with no action
- Complaint arose from a product, service or advice initiated by a previous advisor or another member or former member of team
- Length of time since complaint
- Complaints related to product failure not related to investment advice (some limited partnerships, adjusted-rate securities, etc.)
- Complaints that have been settled (must be proven) to appease a client who remained with the advisor for at least one year following settlement date
- Complaints that are proven to be meritless
- Actions taken as a result of administrative error or failure by firm
Once an advisor’s compliance rating falls into a tenable category, the following conditions must be met:
- An advisor’s rating must be among SHOOK’s highest qualitative measures including in-person interview
- Letters of recommendation from firm
Ranking Algorithm
The algorithm is designed to fairly compare the business practices of a large group of advisors based on quantitative and qualitative elements. Data are weighted to ensure priorities are given to dynamics such as preferred “best practices,” business models, recent business activity, etc. Each variable is graded and represents a certain value for each measured component. These data are fed into an algorithm that measures advisors against each other.
Barron’s
According to Barron’s, participation in the Top 100 RIA Firm Ranking is by invitation from Barron’s only. Firms submit answers to Barron’s questionnaire and Barron’s is responsible for the selecting the ranked firms. Participating firms were evaluated and ranked on a wide range of quantitative and qualitative data, including: assets overseen by the firm, revenue generated by the firm, level of technology spending, number of clients, size of staff, diversity across staff, and placement of a succession plan. The ranking is not indicative of the CCTC’s past or future performance. Neither CCTC nor its executives pay a fee to Barron’s in exchange for the ranking. CCTC is not affiliated with and does not endorse Barron’s and makes no representations concerning the factors used in compiling the list.
Other firms that are not included in Barron’s Top 100 RIA Firm Ranking have different assets under management/revenue than the firms included in Barron’s Top 100 RIA Ranking. If Barron’s were to use different methodologies or include all relevant firms, the results may be materially different. There may be other rankings or statistics where CCT would rank higher or lower than as described herein. The firms included in Barron’s Top 100 RIA Firm Ranking have materially different investment strategies, terms, and risk and reward profiles as compared to CCTC. As a result, prospective investors should not place undue reliance on the Barron’s Top 100 RIA Firm Ranking and the Barron’s Top 100 RIA Firm Ranking should not be used as a basis for any investment decision. The Barron’s Top 100 RIA Firm Ranking is provided for illustrative and general comparison purposes only and does not include all information applicable to an investment in any CCTC product or account. As a result, the information contained in the Barron’s Top 100 RIA Firm Ranking is incomplete. There can be no assurance that CCT will achieve comparable ranking in the future. This material does not constitute or form part of an offer to issue or sell, or of a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any produce, offering or investment. Any offer to purchase or buy securities or other financial instruments will only be made pursuant to definitive offering documentation, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with any such offering. Any investment decision should be based on the information contained in such definitive offering documentation and not based on the ranking discussed herein.
Unless otherwise noted, the information contained herein has been compiled as of the date noted above, and there is no obligation to update the information. The delivery of this material will under no circumstances create any implication that the information herein has been updated or corrected as of any time subsequent to the date of publication or, as the case may be, the date as of which such information is stated.
In 2019, 2020 and 2021 CCTC paid Barron’s a fee after the publication of the rankings to be listed in the Barron’s RIA Firm Directory.
Barron’s Top Advisors Methodology
Barron’s publishes four individual advisor rankings each year (Top 100 Advisors, Top 100 Women Advisors, Top 100 Independent Advisors, Top 1,200 Advisors) along with three team- or firm-based rankings (Top RIA Firms, Top Institutional Consultants, Top Wealth Management Firms).
The goal is to shine a spotlight on the nation’s best financial advisors, with an eye toward raising standards in the industry. The rankings serve two distinct types of Barron’s readers. For wealth management professionals, they serve as an industry scorecard. For investors, the rankings are a tool that can help in the process of finding financial guidance.
Advisors who wish to be ranked fill out a 102-question survey about their practice. We verify that data with the advisors’ firms and with regulatory databases and then we apply our rankings formula to the data to generate a ranking. The formula features three major categories of calculations: (1) Assets (2) Revenue (3) Quality of practice. In each of those categories we do multiple subcalculations.
For instance, we take into account not just the amount of assets an advisor manages, but also the type of assets—are they private-wealth assets or institutional? If they’re institutional, are they for a foundation or an endowment, or are they corporate assets? We measure the growth of advisors’ practices and their client retention. We also consider a wide range of qualitative factors, including the advisors’ experience, their advanced degrees and industry designations, the size, shape, and diversity of their teams, their charitable and philanthropic work and, of course, their compliance records.
Washingtonian
The staff of the Washingtonian surveys firms and hundreds of financial experts by asking for subjective recommendations for the top wealth managers in selected categories. CCTC responded to surveys sent by the Washingtonian in both the peer-nominated and firm-nominated categories on behalf of its employees who are named in the list. No quantitative information is used to compile this recognition. In 2015, CCTC paid Washingtonian a fee after the publication of the employee recognitions to continue to list the recognitions for its employees on Washingtonian’s website.
Washington Business Journal – Rankings
According to Washington Business Journal, the Largest Wealth Management Firms in Greater D.C. (the “Ranking”) was based on data from S&P Global Market Intelligence and their own survey of locally based asset managers or national managers with an office in the DC metro area. CCTC is not affiliated with and does not endorse Barron’s and makes no representations concerning the factors used in compiling the list.
Other firms that are not included in the Washington Business Journal’s Ranking have different assets under management/revenue than the firms included in this ranking. If the Washington Business Journal Ranking were to use different methodologies or include different relevant firms, the results may be materially different. There may be other rankings or statistics where CCT would rank higher or lower than as described herein. The firms included in Washington Business Journal’s Ranking have materially different investment strategies, terms, and risk and reward profiles as compared to CCTC. As a result, prospective investors should not place undue reliance on the Washington Business Journal Ranking and this Ranking should not be used as a basis for any investment decision. The Washington Business Journal Ranking is provided for illustrative and general comparison purposes only and does not include all information applicable to an investment in any CCTC product or account. As a result, the information contained in the Washington Business Journal Ranking is incomplete. There can be no assurance that CCT will achieve comparable ranking in the future. This material does not constitute or form part of an offer to issue or sell, or of a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any produce, offering or investment. Any offer to purchase or buy securities or other financial instruments will only be made pursuant to definitive offering documentation, which will be furnished to qualified investors on a confidential basis at their request for their consideration in connection with any such offering. Any investment decision should be based on the information contained in such definitive offering documentation and not based on the ranking discussed herein.
Washington Business Journal – Women Who Mean Business Award
Award winners are selected by a panel organized by the Washington Business Journal. The winners were selected from a group of nominees that applied for the recognition. Washington Business Journal does not disclose further information regarding its selection process. The nominees are professionals from a variety of backgrounds and are not limited to those who specialize in investments or wealth management. Expertise in these areas was not a factor considered by the panel.
RECOGNITIONS
Any awards or recognitions referred to by Chevy Chase Trust Company (CCTC) are provided for informational purposes only and should not be relied on as a basis for retaining CCTC’s financial planning or investment management services. Awards and recognitions by rating services, companies and/or publications are independent of and not affiliated with CCTC and should not be construed to guarantee any client experience or results from CCTC, nor do they represent a current or past endorsement of CCTC or its employees. Rankings published by magazines and others may be based solely on information prepared and/or submitted by the firm or its advisors. None of the awards or recognitions referenced by CCTC take into account client experience. Past performance does not guarantee future results.
PROFESSIONAL DESIGNATIONS
Many CCTC employees maintain professional designations or licenses issued by third-party organizations. The general criteria for those professional designations are listed below.
Chartered Financial Analyst (CFA)®
Issuing organization: CFA Institute
Required Prerequisites/Experience: Bachelor’s degree and four years of professional experience involving investment decision-making or four years of qualified work experience (full time, but not necessarily investment related)
Educational Requirements: Self-study program (250 hours of study for each of three levels)
Examination Type: Three course exams
Required Continuing Education/Experience: None
Accredited By: None
Chartered Financial Analyst® and CFA® are registered trademarks of CFA Institute.
Certified Financial Planner (CFP)®
Issuing organization: Certified Financial Planner Board of Standards, Inc.
Required Prerequisites/Experience: A bachelor’s degree (or higher) from an accredited college or university and three years of full-time personal financial planning experience
Educational Requirements:
Complete a CFP-board registered program or hold one of the following:
- CPA (Certified Public Accountant)
- ChFC (Chartered Financial Consultant)
- CLU (Chartered Life Underwriter)
- CFA (Chartered Financial Analyst)
- PhD in business or economics
- Doctor of Business Administration
- Attorney’s License
Examination Type: CFP Certification Examination
Required Continuing Education/Experience: 30 hours every two years
Accredited By: National Commission for Certifying Agencies
Certified Financial Planner® and CFP® are registered trademarks of Certified Financial Planner Board of Standards, Inc.
Chartered Alternative Investment Analyst (CAIA)®
Issuing organization: Chartered Alternative Investment Analyst Association
Required Prerequisites/Experience: Bachelor’s or equivalent degree and more than one year of business experience in the financial industry or four years of experience in the financial industry
Required Education: Self-study certification program requires the successful completion of both the Level I and Level II examinations
Examination Type: Two CAIA exams
Required Continuing Education/Experience: None
Accredited By: None
Chartered Alternative Investment Analyst® and CAIA® are registered trademarks of Chartered Alternative Investment Analyst Association.
Certificate in Investment Performance Measurement (CIPM)®
Issuing organization: CIPM Association, a body associated with the Chartered Financial Analyst Institute
Required Prerequisites/Experience: Meets one of the following requirements:
- Be a full-time employee of a degree-granting educational institution offering at least a bachelor’s or equivalent degree and teaching a minimum of 6 credit hours per quarter or semester
- Be a full-time administrative employee of a degree-granting educational institution offering at least a bachelor’s or equivalent degree and teaching a minimum of 3 credit hours per quarter or semester
- Be a full-time, qualified employee of an entity that supervises or regulates the operations, standards of practice, or business conduct of the investment management industry
- Be an eligible GIPS® (Global Investment Performance Standards) volunteer
- Be an eligible, full-time undergraduate or part-time graduate student of a CFA Program Partner or University Recognition Program participant*
Required Examinations: Self-study certification program requires the successful completion of both the Principles and Expert examinations.
Required Continuing Education/Experience: Must be a member of the CIPM Association with the following requirements:
- Two years of professional experience in one or more positions substantially entailing performance-related activities, such as calculating, analyzing, evaluating, or presenting investment results
- Providing consulting, technological, legal/regulatory, or accounting services directly in support of such activities
- Verifying compliance with the GIPS standards
- Supervising, directly or indirectly, persons who practice such activities
- Teaching such activities
or
- Four years of professional experience in the investment industry that consists, to a majority extent, of:
- Evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process marketing investment management services
- Monitoring an investment firm’s compliance with applicable laws, regulations, and standards
- Evaluating or recommending investment managers
- Supervising, directly or indirectly, persons who practice the activities set forth above
- Teaching such activities
Accredited By: CIPM Association
Certificate of Investment Performance Measurement® and CIPM® are registered trademarks of CIPM Association.
Chartered Market Technician (CMT)®
Issuing Organization: Chartered Market Technicians Association
Required Prerequisites/Experience: A minimum of five (5) years of approved professional work experience. This requirement is reduced to three years for those successfully completing the CMT program. Members must also be sponsored by three persons who have Member status with the CMT Association and no more than one sponsor may be affiliated with the candidate’s current firm.
Educational Requirements: Self-Study program
Examination Type: Three course exams (40-140 hours of exam preparation for each level)
Required Continuing Education/Experience: Voluntary, but members who participate are asked to satisfy a 15-credit level before the end of the calendar year
Accredited By: None
CMT ® is a registered trademark of the Chartered Market Technician Association
Certified Trust and Financial Advisor (CTFA)
Issuing Organization: American Bankers Association Institute of Certified Bankers
Required Prerequisites/Experience: Must meet one of the following requirements:
- Three years of wealth management experience plus ICB-approved training program; or
- Five years of personal trust experience and a bachelor’s degree; or
- Ten years of personal trust experience.
Examination Type: Final Certification Exam
Required Continuing Education Requirements: 45 credits every three years with a minimum of six hours in each of four knowledge areas
Accredited by: None.
Certified Anti-Money Laundering Specialist (CAMS)
Issuing Organization: Association of Certified Anti-Money Laundering Specialists (ACAMS)
Required Prerequisites/Experience: Minimum of 40 qualifying credits based on education, other professional certification and professional experience, per ACAMS Credit Award System.
Education Requirements: Passing grade on the CAMS Exam
Examination Type: Final Examination (closed book, proctored)
Required Continuing Education Requirements: 60 credits every three years
Accredited by: None
Certified Fraud Examiner (CFE)
Issuing Organization: Association of Certified Fraud Examiners (ACFE)
Required Prerequisites/Experience: Combination of two years professional experience and 50 points on proprietary scale
Education Requirements: Minimum of Bachelor’s degree or substitute years of fraud-related professional experience
Examination Type: Four separate, online, closed-book, timed examinations
Required Continuing Education Requirements: 20 hours (10 hours of ethics) of Continuing Professional Education every 12-month period
Accredited by: None
Certified IRA Professional
Issuing Organization: ASCENSUS
Required Prerequisites/Experience: Minimum of two years of IRA compliance or operations experience or have achieved CIS II certification, and Attend Ascensus’ IRA Online Institute, IRA Institute, or another approved prerequisite no more than 60 days before the examination date. Or, have at least three years of IRA compliance and operations experience.
Education Requirements: None
Examination Type: Final certification exam (closed book, proctored)
Required Continuing Education Requirements: 24 hours every 3 years
Certified Public Accountant (CPA)
Issuing Organization: State Board of Accountancy
Prerequisites: Varies by State. See https://www.accountingedu.org/become-a-cpa.html
Education Requirements: Varies by State. See https://www.accountingedu.org/become-a-cpa.html
Examination Type: Varies by State. See https://www.accountingedu.org/become-a-cpa.html
CPE Requirements: Varies by State. See https://www.accountingedu.org/become-a-cpa.html
Certified Divorce Financial Analyst (CDFA)®
Issuing Organization: Institute for Divorce Financial Analyst
Required Prerequires and Education: Three years of on-the-job training with a bachelor’s degree or five years of relevant experience with no bachelor’s degree. Experience must be in financial planning or family law or in at least three of the following: tax code, investment management, real estate or mortgage lending, life and disability insurance, or financial therapist.
Examination Type: 150 multiple choice questions.
Required Continuing Education: 30 hours every two years.
Chartered Special Needs Consultant (ChSNC)®
Issuing organization: The American College of Financial Services
Required Requisites: Successful completion of three required courses. Either five years of professional experience in financial services or the practice of law or four years of relevant professional financial service experience and an undergraduate degree.
Required Continuing Education: This designation is designed to accompany another designation. It is not meant as a standalone designation. Holders are required to maintain the continuing education requirements of their accompanying designation in order to continue to hold themselves out as a Chartered Special Needs Consultant.
Certified Investment Management Analyst (CIMA)®
Issuing organization: The Investments & Wealth Institute
Required Prerequisites/Experience: Must meet the following requirements:
- Three years of relevant work experience and a bachelor’s degree.
- Disclosure of any potential or real violations of the Investments & Wealth Institute Code of Professional Responsibility.
- Two comprehensive background checks.
- Completion of a CIMA executive education course.
Examination Type: Final Certification Exam
Required Continuing Education Requirements: 40 credits including two ethics hours and one hour of tax or
regulation information.
Accredited by: The American National Standards Institute (ANSI)
Outside Links and Articles
From time to time, CCTC posts links and other material to its website that are published by outside sources. These articles are for informational purposes only. The opinions stated therein are those of the author and not necessarily the opinions of CCTC or any of its affiliates. These articles contain facts and statistics quoted that appear to be reliable, but they may be incomplete or condensed and we do not guarantee their accuracy. Fact and circumstances may be materially different between the time of publication and the present time. This communication is not an offer or solicitation to purchase or sell any security, and it is not a research report. Individuals should consult with a qualified financial professional before making any investment decisions.
