Topic
For a shareholder sitting on a single stock with almost no basis, there are four honest routes out. Each one trades tax, exposure, liquidity and cost in a different proportion.
The advisory fee is the only cost most clients ever see on a statement. Four more sit underneath it, and together they usually exceed the one on the invoice.
The same bond is cheap for one household and expensive for another, and the gap between them is wider than any plausible view on interest rates. Taxable equivalent yield is the only number worth comparing.
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