Investment Counseling for Private Clients by Maureen Busby Oster, Philip Penaloza, Meir Statman, Nancy L.

By Maureen Busby Oster, Philip Penaloza, Meir Statman, Nancy L. Jacob, Jean L.P. Brunel, Christopher G. Luck, R.B. Davidson III, Joanne M. Hill, William R. Levy, James M. Poterba

Taxable bills current a few of the maximum demanding situations for managers. In constructing portfolio coverage and method, managers needs to take note of tax, felony, and (sometimes specific) buyer issues, needs to combine tax and property making plans with funding technique, and sometimes, needs to paintings with 3rd events to complete patron objectives. The authors during this court cases tackles the advanced concerns which are particular to dealing with taxable portfolios with services and thoroughness. court cases of the November 1998 AIMR seminar "Investment Counseling for Taxable Investor."

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It can operate in anyone of four tax modes that could apply to a private client: • "tax deferred" mode, which applies to the many private clients who have individual retirement accounts, annuities, Keogh plans, and other types of tax-deferred investments; • "pay all taxes currently" mode, which is the normal "pay-as-you-go" plan that most taxpayers are subject to; • "no taxes" mode, which is a mode for the client who never pays taxes because the taxes are forgiven, not simply deferred. This mode would be suitable for clients invested at the outset in, for example, private foundations or insurance policies gifted to their children.

Equities) and model it that way. A more pressing problem from a long-term standpoint is that historical correlations are usually based on about 10 years of data, and right now, we have seen only bull markets for 10 years. The correlations may be very different in the future. Jacob: Question: Optimizers work on the basis of return versus risk, so they often drive portfolios to diversification, but doesn't excessive diversification come at the expense of risk? This issue is basic to how an advisor develops client strategies; no after-tax optimizer is going to deal with this issue.

As shown in Table 2. 5 percent. Now, alphaenabling comes into play. If the investor sells Drug and buys Health, that action does not change the expected return on the portfolio, but it generates a $50 loss. That loss can now be used to allow the investor Two Kinds of Transactions 3Por a discussion of wash-sale rules, see Ms. Hill's presentation in this proceedings. Current Holding Auto Drug Health Car Expected Return Current Holding 0% 5 5 10 $100 100 0 0 Tax Cost $ 50 150 0 0 Action Sell $100 Sell $100 Buy $100 Buy $100 45 Investment Counseling for Private Clients Figure 2.

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