The BEAT with Ben featuring Emily Gray

Summary

Ben Huneke and Emily Gray discuss how customization and tax management are becoming essential in wealth management. Emily presents survey evidence that high-net-worth and mass affluent clients increasingly expect customized, tax-aware portfolios. She explains direct indexing, tax-loss harvesting processes, and Parametric's modular platform, emphasizing that long-short tax management is only suitable for certain capital-gain profiles.

• Parametric and Cerulli Associates surveyed advisers and home-office executives on personalization and tax management.
• Most high-net-worth investors expect customized portfolios and proactive tax reduction.
• Customization and tax management are described as table stakes for serving wealthy clients.
• Direct indexing uses separately managed accounts and individual securities to enable tax-loss harvesting.
• Tax management processes span onboarding, ongoing overlay, and portfolio dissolution.
• Parametric extends loss harvesting to fixed income, active equity, mutual funds, ETFs, and combined accounts.
• Long-short tax-managed strategies can be powerful but carry higher fees and risk.
• Parametric positions its platform as modular to integrate with advisers' existing ecosystems.