Episode Details

It's Day Three of Money Life at Schwab IMPACT, the world's largest conference of registered investment advisers, and the talk ranges from buying the hottest emerging tech companies before they go public to how the artificial intelligence giants don't look so great when viewed through the lens of free cash flow, because all of the spending they are doing isn't going straight to the bottom line.

Here's today's lineup:

— Som Priestley, head of global investment solutions, Americas, for T. Rowe Price

— co-manager of the T. Rowe Price Goldman Sachs Private Markets Fund, an interval fund that launched this summer — discusses the pre-IPO market, how it's not just about the big names that are making headlines and the risk if the headliners fall short of expectations.

— Laurence Russian, founding partner at ABS Global Investments and portfolio manager of The Pre-IPO & Growth Fund — and interval fund that opened in January — addresses the same issues as Priestley, noting

— Bonnie Treichel, founder and chief solutions officer at Endeavor Retirement discusses the generation of retirement savers that have never faced a bear market and how that lack of experience demands that they prepare now for that event, no matter when it might actually happen. 

— With portfolio personalization being one of the biggest topics at Schwab Impact, Adam Gebler, head of wealth for the Americas for FTSE Russell, discusses the company's recent survey on direct indexing, which found that advisers believe it's going mainstream now, and that advances in technology will make it easier for average investors to participate.

— Michael Mack, client portfolio manager for VictoryShares, who says investors should be looking beyond the A.I. hype and use free cash-flow to determine the quality companies in technology now. Using that free cash-flow model, he notes, would eliminate a lot of the biggest A.I. names from a portfolio of quality stocks.