Private wealth management is the investment management specialization focused on high-
net-worth individuals and families. Portfolio design and investment solutions in private …

In the tax-loss harvesting literature, a typical investor is assumed to have an unlimited supply
of offsetting capital gains and can earn annualized tax alpha on the order of 100 bps. Using …

Advances in financial technology have led to the development of easy-to-use online
platforms known as robo-advisors or digital-advisors, offering automated investment and …

We examine the tax efficiency of an indexing strategy and six factor tilts. Between June 1995
and March 2018, average value added by tax management exceeded 1.50% per year at a …

Direct-indexing strategies realize tax benefits by harvesting losses on individual stock
positions. Some investors might benefit from this powerful tool for growing after-tax wealth …

A practical guide to adapting financial advice and investing to a post crisis world There's no
room for" business as usual" in today's investment management environment. Following the …

On average, net losses realized by direct indexing loss-harvesting strategies taper off within
the first few years after their inception. In our historical simulations, they reach a maximum …

Tax-loss harvesting (TLH) is one of the most objectively quantifiable benefits of direct
indexing (DI). Motivated by a wide range of TLH implementations in practice, this article …

Over the past decade robo-advisors have gone from offerings from a handful of start-ups to
an established and fast growing segment of the wealth management industry. Robo …

This paper analyzes the portfolio management implications of using drawdown-based
measures in allocation decisions. We introduce modified conditional expected drawdown …