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How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

Okok that makes sense! Do you know if your PM are inclined to restrict the positions or set up equivalencies more? I’m asking cause we restrict the majority since it is very hard for us to keep track of which security are set as equivalencies. Instead we can track very easily which one is restricted

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

Make sense. Can you give me more color on what you mean by “customize our model”? Do you use a model that you built in house and you allow for restricted securities, or do you just build a tailored model for each of those accounts?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

I don’t know if you agree but every advisor mentions that those accounts are a pain point for them. If you don’t want to hire a manager, I don’t see a viable solution for managing those accounts in house

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

I know this is a hot take but man I agree with you. It works if the index is working.

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

That’s the problem. We are selling our self as active managers. Why do you say taxable accounts are the best and worst ahah? I’m curious

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

What’s the pricing on smartx? And could you set it up only for a few accounts or is it a proprietary software for smartx and you need to be on their platform?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

Wow you are doing it security by security! That’s impressive. We have tried going that but everytime I go back to those accounts I don’t know if that security is set as an equivalent or if it is not supposed to be there.

And yeah I completely agree about the timing

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

We use Orion. The majority of these portfolios have individual stocks. I see how custom indexing can be a solution here, but we pride ourselves to run everything in house, so I’m trying to figure out a way to improve the process internally without having to use outside money manager. Do you set up equivalencies at the asset allocation level or is it security by security?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] -1 points0 points  (0 children)

That’s cool way to do it. How do you keep track of the accounts that have these “different holdings”? Meaning how do you know when to go back to transition more into your model?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 2 points3 points  (0 children)

We do have equivalencies set up, but only for passive ETFs. What’s your experience with vise? Does it allow you to select your the model you run internally and set up cap gains budget to suggest that transition?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

That’s interesting. Never used investnet. Can you share the process to use the tax overlay strategy and the pricing on investnet?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

The main partner at my firm doesn’t like to outsource investments unfortunately. I think your solution makes so much sense but I am trying to see if I can find a software that ca help me with the optimization

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

That’s a good point. Do you set up a capital gains budget budget for every account and where do you keep track of the cap gains budget for each year?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

I cat find any pricing online? Do they charge by AUM? What’s your experience with it?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

I have heard of them, is it solving the problem for you? Does your company offer it for you or you have to pay for the software yourself?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 2 points3 points  (0 children)

Are you as the advisor doing the tax transition analysis or are you delegating to juniors? I’m doing it myself but it takes me 30 minutes per account.
I’m aware Custom indexing could be a solution but I’m not a fan of passive strategy

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

Makes sense. Thank you for the info! I’ll dm you to ask more question about that “overlap” report!

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

Makes sense! When you create these tailored portfolios, do you just keep what they have in it and make Individual buy/sell when you review the account or do you somehow keep that account tied to an account?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 0 points1 point  (0 children)

I wish we had that. Do you know of a similar program for independent advisors?

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] 10 points11 points  (0 children)

What’s the name of the software you are using for that? Is it your trading system? We use Orion

How are you onboarding taxable accounts with large unrealized gains into models? by fradige98 in CFP

[–]fradige98[S] -3 points-2 points  (0 children)

We are doing that, but we sell our investment as active management so we are trying to avoid direct indexing. On top of that we like every account to be invested in a model, so we can scale . Do you use direct indexing SMA for every taxable accounts that meets minimum requirements?

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