1. Horter investment advisor representatives may recommend the use of unaffiliated asset managers (“Third-Party Money Managers”), whose investment portfolios are eligible for inclusion within client accounts. These Third-Party Money Managers use quantitative models that have been designed to recognize trends in the market, which enable them to reallocate portfolio assets among asset classes when that is deemed appropriate. This can help minimize portfolio volatility and reduce the risk of declines in account values.   Low Risk or Low Volatility strategies are generally defined as strategies that have a 10-year maximum drawdown of less than 10%. Like any other investment strategy, this approach entails risks, including the risk that client accounts can still lose value and the risk that a defensive position may, at any given point in time, prevent client accounts from appreciating in value