The full cost of a managed portfolio, counted line by line
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.
Topic
tax
Withdrawal sequencing decides how much of a retirement portfolio survives the tax code
Which account a retiree draws from, and in which order, can change the life of a portfolio by a decade. The rule of thumb most people inherit is close to the worst available answer.
A municipal bond yield means nothing until the buyer supplies their own tax rate
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.
The morning brief
What moved overnight, on your screen before the open.
One email at 6:30am New York time. Rates, futures, the two stories that will set the tone, and nothing else. Free, and you can leave in a click.
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