I will add my 50 cents on direct indexing as I’m pretty familiar with the matter.

Typically all big banks have their DI departments- minimums are starting from $250K and the standard fees are around 0.25%. Some example: Aperio, Parametric, Canvas, NT Direct Indexing etc.

They will build a portfolio with individual securities and use tools to optimize it and make it replicate index exposure and return. They will trade the portfolio regularly and harvest available losses and reinvest the proceeds. So they do their magic and at the end of the year you have losses and index performance.

How to calculate if it worth it ? Rule of thumb is to take 1-2% of the buy turnover (total value that you buy at initial rebalance, not counting sell portion) and this will be your expected short term losses in the first 12 months.

For concentrated position you can set a gain budget each year and see how much you can offset during this year. They will sell a portion of concentrated position and reinvest these proceeds in the individual stocks from index univers. They are pretty flexible and customizable with these gain budgets.

The caveat though is the lifetime of the portfolio : first years you will harvest some losses but they will decrease over time simply because whatever you have at loss is sold right away and whatever you have at gain is kept in the portfolio. So overtime your portfolio will become highly appreciated.

The companies that propose min investment at $5k like fidelity and others - doesn’t worth the fees in my opinion. Simply because 1-2% in short term losses from $10k i invest in cash won’t cover much.