In this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michele Cropley is joineIn this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michelle Cropley is joined by financial advisor Michael Bradley to discuss one of the most important — and often overlooked — foundations of financial stability: the emergency fund.

They explain what qualifies as a true emergency, how much you should aim to save, and practical steps to build your reserve over time.

They discuss:
 · What an emergency fund is — and what it’s not
 · How much to save based on your situation and income stability
 · Why three to six months of expenses is a common rule of thumb
 · Where to keep your emergency savings
 · Why using a 401(k) or investment account as a backup plan can be costly
 · Common mistakes that weaken emergency funds
 · The connection between savings and reduced financial stress
 · Why even high earners can struggle without a cash cushion

An emergency fund isn’t just extra cash — it’s a tool that helps protect your broader financial plan and keeps unexpected setbacks from turning into long-term financial damage.

To learn more or schedule a no-obligation consultation, visit armstrongadvisory.com or call (800) 393-4001.



Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

In this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michele Cropley is joined by financial advisor Cash Armstrong to discuss how travelers can avoid hidden fees and protect their money while abroad.

From surprise ATM charges to rental car insurance confusion, Michelle and Cash walk through the financial traps that can quietly drain your travel budget — and the practical tools that can help you avoid them. 

They discuss:
 · How foreign ATM fees and currency conversion markups work
 · Checking and brokerage accounts that reimburse international ATM fees
 · The difference between co-branded and flexible travel credit cards
 · How to evaluate annual fees versus travel perks
 · When your existing auto insurance covers rental cars — and when it doesn’t
 · What your health insurance may (or may not) cover overseas
 · When supplemental travel insurance makes sense
 · Overlooked protections in renter’s and homeowner’s insurance
 · Practical safety tips like VPN use and notifying your bank before travel

The money you save while traveling is money that can support your long-term financial goals. Michelle and Cash explain how thoughtful planning — even for vacations — fits into a broader financial strategy.

Learn more at armstrongadvisory.com or call (800) 393-4001 to schedule a no-obligation consultation.

Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

Making Sense of Retirement Income Planning In this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michele Cropley is joined by financial advisor Scott Wilson to explore retirement withdrawal strategies — including the well-known 4% rule and flexible withdrawal approaches.

They discuss:
 · What the 4% rule is and where it originated
 · Why it remains popular — and its key limitations
 · How market conditions, inflation, asset allocation, and taxes affect withdrawal sustainability
 · What “sequence of returns risk” means and why early losses in retirement matter
 · How flexible withdrawal strategies work — and who they may be best suited for
 · Why retirement isn’t a single phase, but multiple chapters with changing income needs
 · The importance of reviewing your withdrawal strategy regularly

While rules of thumb can be helpful starting points, Scott explains why personalized planning — and stress testing your strategy — can make a meaningful difference in building sustainable retirement income.

Learn more: armstrongadvisory.com | Call (800) 393-4001

Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

On this episode of Make It Make Cents, Michele Cropley is joined by financial advisor Brendan Hayes to explore the emotional and behavioral side of personal finance, and how our relationship with money shapes everyday decisions. In this episode, you’ll learn: ●      How early experiences influence spending and saving habits

●      Why money should be viewed as a tool—not an identity

●      Common financial behaviors that quietly create stress or imbalance

●      How intentional planning can bring clarity, confidence, and long-term balance  

If you have questions about your financial strategy or want help creating a plan that fits your life, the Armstrong Advisory Group offers free, no-obligation consultations at offices across New England. Visit armstrongadvisory.com or call 800-393-4001 to learn more.

Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

Building wealth isn’t just about math—it’s also about behavior. In this episode of Make It Make Cents, Michelle Cropley and Cash Armstrong explore how strong financial foundations and self-awareness go hand in hand.

Topics include:

●    Emergency savings as a financial shock absorber
●    Consumer debt ratios and why 20% is a critical threshold
●    Housing cost guidelines and total debt-to-income limits
●    Why saving while carrying high-interest credit card debt can backfire
●    Common cognitive errors: anchoring, confirmation bias, overconfidence
●    Emotional biases like loss aversion, inertia, and the endowment effect
●    How automation can help overcome self-control challenges

This episode is a practical guide for anyone looking to boost savings, reduce financial stress, and understand how psychology influences everyday money decisions.

Learn more or request a no-obligation consultation at armstrongadvisory.com or call (800) 393-4001.

Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

Scams are on the rise—and they’re designed to trigger urgency, fear, and emotional decision-making. In this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michele Cropley and Michael Bradley walk through the most common financial scams and the smartest ways to protect your money. Topics include: ●      Why “smart people” still fall for scams (urgency + emotion + secrecy)

●      Investment scams and the #1 red flag: guaranteed quick returns

●      Romance scams and “pig butchering” long-con tactics

●      Impersonation and phishing scams (fake banks, utilities, and billing emails)

●      Best protection habits: strong passwords, multi-factor authentication, fraud alerts, and reviewing accounts regularly

●      What to do immediately if you’re scammed: cut contact, call your bank, dispute charges, freeze credit, and report to FTC/authorities

 Armstrong Advisory Group, Inc., a Registered Investment Adviser. Armstrong Advisory can also share a newsletter issue on this topic at no cost. Learn more: armstrongadvisory.com | Call (800) 393-4001

This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

In this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michele Cropley is joined by financial advisor Scott Wilson to discuss two important financial topics: navigating inherited investment accounts and setting meaningful financial goals for the year ahead. They begin by exploring what to do when you inherit an investment account — including why most decisions aren’t urgent and why taking time to evaluate your options matters. Scott explains the differences between inherited taxable accounts and retirement accounts, how step-up in cost basis works, and what tax considerations may apply depending on your relationship to the decedent.

They also discuss:
 · How inherited IRAs and the 10-year rule may affect distribution planning
 · Required minimum distributions and tax-efficient withdrawal strategies
 · Emotional decision risk and concentration risk
 · Why inherited investments should align with your own risk profile and goals

In the second half of the episode, the focus shifts to financial goal setting. With the new year as a backdrop, Michele and Scott walk through practical strategies for paying down debt, increasing savings, building a realistic budget, and automating financial progress. 

Key takeaways include:
 · How to prioritize debt repayment strategies
 · Why automation is one of the most powerful financial tools
 · The importance of measuring spending before trying to manage it
 · How to make retirement saving more effective through consistency and early contributions

Whether you’re navigating an inheritance or working to strengthen your financial foundation, thoughtful planning and customization are key. 

To learn more or schedule a no-obligation consultation, visit armstrongadvisory.com or call (800) 393-4001.

Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

In this episode of Make It Make Sense (powered by Armstrong Advisory Group), Michele Cropley and Paul Lane cover two foundational topics: what a financial advisor does and why asset allocation matters. ●      How advisors help organize accounts, liabilities, income streams, and goals

●      Planning topics by life stage (college planning, insurance, retirement, Social Security, tax buckets)

●      What advisors don’t do: no guaranteed returns, no “dodging” market losses

●      The building blocks: stocks, bonds/fixed income, and cash

●      How time horizon changes risk tolerance (retirement vs. a near-term home down payment)

●      What rebalancing means and why it helps reduce emotional decision-making

Learn more: armstrongadvisory.com | Call (800) 393-4001

Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

Are you saving enough to retire—or working longer than you really need to? In this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michele Cropley and Brendan Hayes unpack the realities of early retirement planning and how to calculate the amount you actually need to retire with confidence. Topics include: ●      What “early retirement” really means vs. simply not working longer than necessary

●      Health, stress, and the limited window of truly active retirement years

●      Planning for longevity risk and living into your 90s (or beyond)

●      The financial challenges of 40–50 year retirements

●      Inflation, healthcare costs, and long-term care considerations

●      How to accurately calculate retirement spending (and common mistakes people make)

●      Retirement lifestyle choices, reinvention, and purpose after full-time work

Learn more or schedule a free consultation: armstrongadvisory.com | (800) 393-4001

Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.

In this episode of Make It Make Cents (powered by Armstrong Advisory Group), Michele Cropley and Cash Armstrong explain how 529 plans work and when it may make sense to move leftover 529 money into a Roth IRA.

Topics include:

●      What a 529 plan is and why it’s popular for college savings

●      Tax-free growth and qualified education expenses

●      State-specific tax deductions and incentives

●      Contribution rules, gifting limits, and 529 “superfunding”

●      How 529 ownership affects FAFSA and financial aid eligibility

●      What happens if a child doesn’t attend college or earns a scholarship

Learn more or schedule a free consultation: armstrongadvisory.com | (800) 393-4001

Armstrong Advisory Group, Inc., a Registered Investment Adviser.  This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001. Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc.   Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.