Our Team

Rothschild Financial Consulting

Founded in 1985, Rothschild Financial Consulting has provided rate of return (cost of equity, cost of debt, capital structure) expert witness testimony representing consumers before state and federal utility commissions in over 400 utility cases in twenty-five states (see list of cases from last 15 years). RFC has recently provided analytical support for Return on Equity (ROE) cases before the Federal Energy Regulatory Commission (FERC).

Rothschild Financial Consulting has a team of experts in financial analysis, automated data processing, and testimony writing that can complete all requirements for cost of capital cases completely in-house.

Through established partnerships, RFC can also provide additional expert witness services related to utility regulation, including bankruptcy legal monitoring, revenue requirement, depreciation studies, rate design, and prudence reviews.

RFC is currently the lead consultant assisting California’s Public Advocates Office analyze the impact of various aspects of Pacific Gas & Electric’s complex bankruptcy and restructuring on consumers.



Aaron Rothschild - Partner

Aaron Rothschild has extensive experience in the financial analysis of regulated utilities, including electric, gas, water, and telecommunications. He has provided expert witness testimony on cost of capital and rate of return throughout the United States, and has assisted attorneys on all phases of rate case proceedings. Currently he’s involved in research into transmission rates and other financial incentive mechanisms in the energy and utility sectors.

Prior to joining Rothschild Financial, he managed the financial business plan evaluation process of telecommunications and undersea cable projects in North America and Asia Pacific for MCI and 360 Networks. He has held management positions in Hong Kong and Chicago, including serving as head of business development for MCI in Tokyo.

He received an MBA in finance from Vanderbilt University and a BA in mathematics from Clark University.

Edgar Bandera - Partner

Edgar Bandera is a successful financial consultant, entrepreneur and investor with strong technical skills at all levels of financial analysis, building sophisticated spreadsheets, software development, and the use of technology to improve business workflow. He has developed market-based software tools using stock options to calculate the cost of equity of regulated utilities and has worked with RFC since 2017.

Prior to becoming an independent investor and consultant, Edgar was a co-founder of a financial software firm serving many of Wall Street’s investment banks, where he served as Chief Operating Officer and Chief Financial Officer for many years before selling the company to FactSet Research Systems, a global public company serving a similar client base. He subsequently served as Vice President and Market Strategist for FactSet’s Corporate Finance product line. Other relevant business experience includes owning and managing a home painting franchise, being a junior partner in a $100 million private equity fund, and working as a Financial Analyst at Deutsche Bank’s Latin American Mergers and Acquisitions team.

Edgar graduated Magna Cum Laude from Harvard University, where he earned a double degree in Chemistry and Physics.

James A. Rothschild - Founder and Adviser

James Rothschild is a nationally recognized expert in the energy industry. He has provided expert witness testimony on rate of return, accounting, and financial issues relating to electric, telephone, gas, water, health care and insurance rate setting. He has evaluated the profitability of expansion and new venture proposals and provided financial support material for contract negotiations.

He received an MBA in banking and finance from Case Western Reserve University and a BS in chemical engineering from the University of Pittsburgh.