Insights

For many clients, estate planning sits in the category of “important, but not urgent. Once documents are signed, the plan can easily become something clients intend to revisit but rarely do. Meanwhile, families change, wealth grows, relationships evolve, and tax laws shift. A thoughtful, well-crafted estate plan from five or ten years ago may no…

Investors may focus on whether a portfolio generates excess return—or alpha—over time. We think how that alpha is achieved matters just as much. In our view, a well-designed strategy should seek improved returns while carefully managing risk, maintaining diversification and accounting for taxes.

Fixed income can play a central role in generating income and managing risk. But in taxable accounts, there are important tax considerations when it comes to the structure of the investment.

So far in 2026, we’ve seen that benchmark index returns can obscure important market dynamics. Even during a historically strong quarter, underlying dispersion created meaningful opportunities for tax-loss harvesting in custom equity portfolios.

Few conversations better highlight a financial advisor’s dual role of financial expert and behavioral coach than the concentration conversation. Here are four considerations and a framework advisors can use to help clients navigate concentration risk with clarity, empathy, and flexibility.

Navigate any market with The BEAT™, your source for key insights and strategies across Bonds, Equities, Alternatives and Taxes.

With prominent AI-focused companies expected to be listed at potentially record-breaking valuations, 2026 is shaping up to be a historic year for initial public offerings. When these companies will enter major market indexes—and therefore equity index-tracking portfolios—has drawn significant attention.

Recent research from Cerulli Associates underscores a growing shift in tax management: delivering true customization at scale requires more than a single strategy—it requires a broader tax toolkit with a coordinated suite of tax-management solutions.

When advisors are reviewing portfolios with clients, the focus is often on performance. But what ultimately matters is not what a portfolio earns, it’s what the client keeps. That’s where tax management comes in. When explained well, it can be one of the clearest, most compelling sources of long‑term value you offer. The challenge is…

If you’re not sure what direct indexing means, you’re not alone. Even after the recent growth, direct indexing remains relatively unknown. As our risk review team never fails to remind us…

Summary: Investors in alternative investments—and the advisors who guide them—need to carefully assess the many tax considerations that can materially affect long-term portfolio growth and wealth preservation. By using tax strategies such as exchange funds, tax-loss harvesting, and insurance-based structures, investors are taking advantage of powerful levers that can reduce current tax liabilities, defer future…

As investor expectations evolve, and tax awareness becomes more central to portfolio construction, active tax management has emerged as a defining feature of sophisticated investment strategies. Across both equities and fixed income, disciplined processes may help investors retain more of what they earn.

In our view, 2025 reinforced a familiar conclusion that tax management remains as relevant as ever, even though tax policy may no longer be a moving target. The One Big Beautiful Bill Act (OBBBA) of 2025 has resolved many policy debates into a more stable—but no less complex—tax landscape. At the same time, equity markets…

Equity markets have delivered strong returns in recent years, leaving many investors with substantial unrealized gains across their portfolios. Let’s consider how a tax-managed long-short strategy could be a powerful tool in the pursuit of tax efficiency—for the right investor.

Another strong year for US equities in 2025 reminds us that tax loss harvesting has the potential to contribute substantial value to direct indexing portfolios—even during bull markets.

The path of yields in 2025 created meaningful opportunities for tax-aware fixed income investors—but only for those positioned to act in real time. As volatility subsided later in the year, the importance of timing and systematic tax management became more clear.

Portfolio customization and tax management were once reserved for a financial advisor’s wealthiest clients. That era is ending. Tax efficiency and customization are fast becoming core components of wealth management beyond the top income tiers.

In today’s complex financial landscape, taxable US institutions face unique challenges in balancing their investment objectives with tax efficiency. They simply cannot afford to overlook the impact of taxes on their portfolios.

As wealth continues to grow along with soaring equity markets, and technology enables customization and choices once reserved for a select few investors, financial advisors are tasked with constantly evolving to maintain their value position.

At year-end, investors often review portfolios, rebalance allocations and plan for taxes. This is also a good time to update adjusted gross income (AGI) projections and assess how charitable giving fits into overall financial goals. By incorporating tax management into planned giving, you can help clients achieve their philanthropic goals while also maximizing potential tax…

As the year winds down, many investors focus on year-end charitable giving and tax planning. Finding a charity and donating money is the easy part. Taking slightly different approaches to gifting can yield dramatically different results from a tax perspective.

Federal government shutdowns have historically had limited direct impact on the municipal bond market. Shutdowns are typically brief and cause only temporary disruptions to federal funds and income tax receipts, with minimal credit impact. We believe that the more immediate potential risk is the delay in key federal economic data releases, which increases market uncertainty…

If an investor has ever asked “Can you help me pay less in taxes?” then you’re not alone. According to the latest research by Cerulli Associates, nearly 70% of affluent investors say it’s important that their wealth manager helps them reduce their tax bill, and 78% want their accounts customized to their specific situation.

Separately managed accounts, paired with systematic tax management, had the power to capture losses in the third quarter—even when the market was up.

Managing director of product management Emily Gray, CFA, sits down with InvestmentNews anchor Gregg Greenberg to highlight the potential advantages of direct indexing and custom investment solutions. She also shares more about long/short equity strategies at Parametric and how they may offer new tax-loss harvesting opportunities.

Higher yields earlier in the year opened a window for meaningful tax loss harvesting. Investors who acted captured valuable tax savings, while those who waited saw opportunities diminish as yields retraced lower through the end of the third quarter.

Taxes can have a major impact on the long-term growth of a portfolio. Find out how continuous, thoughtful tax management can help investors maximize their wealth.

A common challenge many investors face is the accumulation of a single stock that makes up a disproportionate share of their total net worth, often due to incentive compensation, inheritance or an investment that has outperformed their broader portfolio.

Wealth Strategies Group co-head Brian Smith joins Ben to discuss the impact of taxes on client portfolios. Find out how active tax management can help investors keep more of what they make.

Discover how the One Big Beautiful Bill Act (OBBBA) may impact the municipal bond market, and find out which institutions are better positioned to overcome the sweeping policy reforms.

For many investors, taxes are a larger drag on performance than fees or trading costs and can prevent or delay their ability to meet long-term investment goals. By deferring taxes, your clients keep more money invested in the market. This can help improve their potential compounding growth rate and ultimately increase their total wealth accumulation…

For taxable investors, an appreciating portfolio can be a mixed blessing. But regular loss harvesting isn’t the only way to reduce your portfolio’s tax bill, especially as its value rises. We share four important tax management techniques for the future.