Former JPMorgan Chase wealth advisors Phil Scott and Jim Atwood are facing a market test after striking out on their own following a refusal to trim AI stockholdings. The pair left JPMorgan Chase last month to launch an independent firm after the bank deemed their clients' stock portfolios to have an excessively high concentration of high-flying artificial intelligence stocks—such as NVIDIA, Broadcom, and Dell Technologies, with some clients holding positions approaching 20% in a single stock—and demanded diversification, a request the two advisors rejected.