<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>kenneth</author><text>I feel like there&amp;#x27;s some misunderstanding of what these terms are. All VCs are investment advisors (either Exempt Reporting Advisors or Registered Investment Advisor depending on assets under management and investment types).&lt;p&gt;The article is vague in what it actually means, but it sounds to me like A16Z is going through the process of giving up its VC exemption to the Investment Advisers Act and registering as a RIA. It could also mean they&amp;#x27;re registering as a broker-dealer and getting its relevant employees licensed as such (e.g. Series 65)&lt;p&gt;Source: I run a VC firm.&lt;p&gt;Here is some more info: &lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;www.strictlybusinesslawblog.com&amp;#x2F;2018&amp;#x2F;05&amp;#x2F;31&amp;#x2F;the-venture-capital-adviser-exemption-explained&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;www.strictlybusinesslawblog.com&amp;#x2F;2018&amp;#x2F;05&amp;#x2F;31&amp;#x2F;the-ventu...&lt;/a&gt;</text><parent_chain><item><author>jakequist</author><text>&lt;i&gt;&lt;/i&gt;tl;dr&lt;i&gt;&lt;/i&gt; - A16Z is reclassifying themselves as an &amp;quot;investment advisor&amp;quot;, which will allow them to make riskier bets (crypto, real estate, etc).  They&amp;#x27;ll still invest in startups like any other VC firm.</text></item></parent_chain></comment><story><title>A16Z is re-registering as a financial advisor, renouncing its status as a VC</title><url>https://www.forbes.com/sites/alexkonrad/2019/04/02/andreessen-horowitz-is-blowing-up-the-venture-capital-model-again/</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>dang</author><text>Yes, that&amp;#x27;s the interesting thing here, so we&amp;#x27;ve put it in the title above. Hopefully that will nudge the discussion to be more specific and less lame.</text><parent_chain><item><author>jakequist</author><text>&lt;i&gt;&lt;/i&gt;tl;dr&lt;i&gt;&lt;/i&gt; - A16Z is reclassifying themselves as an &amp;quot;investment advisor&amp;quot;, which will allow them to make riskier bets (crypto, real estate, etc).  They&amp;#x27;ll still invest in startups like any other VC firm.</text></item></parent_chain></comment><story><title>A16Z is re-registering as a financial advisor, renouncing its status as a VC</title><url>https://www.forbes.com/sites/alexkonrad/2019/04/02/andreessen-horowitz-is-blowing-up-the-venture-capital-model-again/</url></story>