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Raffa Wealth Management

 Investment Committee

Bill Snider, CFA, MBA
Co-founder and Managing Partner at BroadOak Capital Management

Mr. Snider has over 15 years of institutional investment experience. Prior to BroadOak, he was a general partner and co-founder of Emerging Technology Partners, LLC, a life sciences focused venture capital firm. He invested in over 20 life science companies while at ETP of which more than half were or are now publicly traded. Mr. Snider, at various times, acted as lead investor, board member and chairman for ETP’s portfolio companies.

Prior to ETP he was a vice president and portfolio manager at T. Rowe Price. His responsibilities included managing $2 billion of mutual fund and institutional client portfolios. Some of Mr. Snider’s past directorships include Alpha Innotech and Atto Biosciences.

Bill holds the Chartered Financial Analysts accreditation, a B.S. in Finance and an MBA from the Wharton School at the University of Pennsylvania.

Alexandre M. Baptista, PhD
Associate Professor of Finance, Dean’s Research Scholar, School of Business, The George Washington University

Alexandre M. Baptista is an Associate Professor of Finance and a Dean’s Research Scholar in the School of Business at The George Washington University. He received his Licenciatura in Business Administration from ISCTE in Portugal, and his PhD in Finance from the University of Minnesota.

His current research interests are in the areas of risk management, bank regulation, and portfolio theory. He has published articles in numerous academic journals including Economic Theory, Journal of Applied Finance, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of Financial Intermediation, Journal of Monetary Economics, Journal of Portfolio Management, Management Science, and Mathematical Finance. He received best paper awards at the Financial Management and Southern Finance Association Meetings, and the Dean’s Research Scholar award three times. He is currently on the Editorial Board of European Journal of Finance.

His current teaching interests are in the areas of investments, risk management, and derivatives. He received teaching awards at the University of Minnesota and the University of Arizona. He currently teaches graduate courses in Investment Analysis/Portfolio Management (MBA) and Financial Engineering/Derivative Securities (MSF).

Robert J. Willen, CFA, MBA
Portfolio Manager at Wagner Bowman Management Corp

Mr. Willen has been a Portfolio Manager at Wagner Bowman Management Corp since 2000 where he manages investment portfolios for both individual and institutional clients.

Prior to joining Wagner Bowman Management Corp, Mr. Willen worked for a financial and accounting consulting firm where he performed financial valuations on various privately held businesses as well as intellectual property portfolios. Previously, Mr. Willen spent over five years in the banking and mortgage lending industry.

He is a graduate of Tufts University with a Bachelors degree in Political Science and the Robert H. Smith School of Business at the University of Maryland, College Park where he received an MBA with a concentration in Finance. Mr. Willen has earned the right to use the Chartered Financial Analyst designation.

Andrew Kline, CPA, CFP®
Managing Member of ARK Financial Service

Andrew Kline, a CPA and CFP® with over 20 years of tax, management and investment advisory experience, formed ARK Financial Services, LLC in 2001 as the successor to his accounting and tax practice. The focus of the firm is to provide comprehensive tax, investment advisory, and wealth management services to high net worth executives, entrepreneurs, and families.

From 1991-2001 Mr. Kline managed his tax and accounting practice which focused on individual and small businesses taxation. During this time he also served as chief financial officer for a number of his successful startup clients and played an active role in their management and raising of capital.

Mr. Kline received his Bachelors of Business Administration from Emory University in 1986, and is a member of the Maryland Association of Certified Public Accountants

Gergana  Jostova, PhD, CFA
Associate Professor of Finance at the George Washington University School of Business

Gergana Jostova is an Associate Professor of Finance at the George Washington University School of Business.  She joined GWU in 2002 after completing her Ph.D. in Finance at Boston College.  She has taught in the Master of Science in Finance, MBA and Undergraduate programs. 

Her research focuses on empirical asset pricing, investments, and credit risk and its relation to profitable investment strategies in equity markets.  She has published in the Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Financial Markets, and the Financial Analysts Journal. Her research has been widely recognized, appearing at top national and international conferences, and winning selective national awards such as the Q-group Award, the FDIC Center for Financial Research award, and the Chicago Quantitative Alliance Best Academic Paper Award.

Prior to joining GWU, she has worked for the Trading Strategy Research Groups at JPMorganChase and Deutsche Bank in NYC.  Professor Jostova is a CFA charterholder.
Joe Del Guercio, M.B.A.
Manging Director of CNF Investments, LLC a division of Clark Enterprises

Mr. Del Guercio is a Managing Director of CNF Investments, LLC.  Established in 1997, CNF is an affiliate of Clark Enterprises that makes direct and fund investments in venture capital and private equity. CNF manages over $225 million in capital with current investments in life sciences, oil and gas, technology, telecommunications, and alternative energy.

Joe joined CNF Investments in 2004. Prior to joining CNF, he was a director with LPL Financial Services, a Boston and San Diego based independent broker dealer, with responsibility for strategic planning, new product development, and acquisitions. Prior to LPL, he was with Robertson Stephens and Goldman Sachs, where he focused on mergers and acquisitions, private and public equity financings, and restructurings.

Joe serves on the boards of Terrago Technologies, Verax Biomedical, Overture Technologies, Vision Chain, Ogmento, KZO Innovations, Innovative BioSensors, and DigitalBridge Communications. He is also a board observer with Aldagen Inc. and is an advisory board member on a number of CNF’s fund investments. Mr. Del Guercio has an M.B.A. from Harvard Business School and a B.S. from Boston College.

The strategic recommendations made by the Raffa Wealth Management External Investment Committee (the “Committee”) are not client specific but relate broadly to the firm’s overall investment strategy. This enables the Committee to focus on generalized and impersonal investment decisions. Committee members not affiliated with Raffa Wealth Management do not receive specific client information unless the client has authorized Raffa Wealth Management to share the client’s information with the Committee. Committee members not affiliated with Raffa Wealth Management may or may not be affiliated with other investment advisory firms, but they are not investment adviser representatives of Raffa Wealth Management. Committee members are compensated by Raffa Wealth Management and therefore indirectly compensated by client fees paid to Raffa Wealth Management. However, Raffa Wealth Management’s use of an investment committee does not increase the overall fees charged to clients.

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