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Tax Management Strategies for Appreciated Portfolios

February 25, 2021
Going back to the end of the global financial crisis, equity markets have generally been favorable to investors—so much so that many today now hold appreciated positions that dramatically raise the risk level in their portfolios. Diversification via a vehicle such as an exchange-traded fund may make sense, but ETF shares must be paid for in cash. This means selling out of some or all of the investor’s appreciated positions to get the right level of diversification. Which in turn means realizing potentially large capital gains. Which, of course, means a sizable tax bill.


There’s another way. As this short video shows, investors can look to a different three-word vehicle, a separately managed account, or SMA, to help them gain tax advantages, add flexibility, and take control of their passive allocations.

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