“If you’ve ever tried playing two games of chess simultaneously and then, to your horror, realized that a move on one board was actually impacting your other game, you can understand how private investors feel about investments and taxes. Until Doug Rogers tackled this complex and confounding topic, professionals and investors alike had few resources to guide them. From being a voice in the wilderness in the 1990s to being a most respected guru in the field, Doug Rogers contributes mightily to the wealth management industry with Tax-Aware Investment Management.”
―Charlotte B. Beyer
Founder and CEO, Institute for Private Investors
“If you believe it’s not what you make but what you keep, this is must-reading. Practical, pragmatic and professional, Doug Rogers brings a wealth of knowledge and common sense to tax-aware investment management. Planning, measuring and implementing, product and process―it’s all here.”
―Harold Evensky
Chairman, Evensky & Katz
Author, Wealth Management
“Finally! A to-do manual on how best to keep the money our investments make! Most investors―and most investment managers―invest as though taxes can’t be managed (or worse, don’t exist). Doug Rogers has studied these issues as much as almost anyone in the finance world and has assembled a commonsense guide to help navigate our investment choices with an eye on the tax man’s take.”
―Robert D. Arnott
Chairman, Research Affiliates, LLC
Editor, Financial Analysts Journal
“Doug Rogers combines his many years of experience with a high degree of technical knowledge to create an innovative guide with a fresh perspective on tax-aware strategies. In my opinion, it is an essential tool for private investors and wealth management professionals to manage portfolios holistically and effectively.“
―Ralph C. Rittenour Jr.
Chairman and Chief Executive Officer, CTC Consulting, Inc.
“This is the definitive work on this complex and rapidly evolving subject. Doug Rogers covers an array of topics―including security analysis, portfolio construction methodologies, the manager search process, asset allocation, and technology developments―in a way that everyone can immediately apply to more effectively manage wealth from an after-tax perspective. Whether you are an investor, portfolio manager, investment consultant, private banker, financial adviser, accountant, or estate attorney, Tax-Aware Investment Management will give you the knowledge to allow you to differentiate yourself in today’s competitive environment.“
―Thomas J. Boczar, CFA, Esq.
Chairman, Private Wealth Management Committee,
New York Society of Security Analysts (NYSSA)
“Tax-Aware Investment Management is the most comprehensive guide to portfolio optimality. From capital allocation to manager selection, Doug Rogers clarifies the critical issues and provides strategies for maximizing after-tax returns. He has succeeded in applying the principles of modern portfolio theory to taxable investors.”
Peter K. Scaturro CEO, U.S. Trust Corporation
Although some tax rates on investments are lower now than in the past, many investors pay much higher rates to the IRS simply because they or their advisers don’t search out the best tax-aware investment strategies. For example, they may sell before a gain qualifies as long-term. In that case, the tax rate can be 35 percent, not 15 percent.
Surprisingly, says Douglas S. Rogers, CFA, most managers of mutual funds and other investment vehicles ignore such tax considerations when buying and selling securities, leaving investors with lower after-tax returns than they deserve. Tax-Aware Investment Management offers new thinking, new research, and new analytic tools to help advisers raise the after-tax returns on their clients’ portfolios and improve their investments, their overall financial picture, and their estate planning.
From the Back Cover
“Tax-Aware Investment Management is the most comprehensive guide to portfolio optimality. From capital allocation to manager selection, Doug Rogers clarifies the critical issues and provides strategies for maximizing after-tax returns. He has succeeded in applying the principles of modern portfolio theory to taxable investors.”
Peter K. Scaturro CEO, U.S. Trust Corporation
Although some tax rates on investments are lower now than in the past, many investors pay much higher rates to the IRS simply because they or their advisers don’t search out the best tax-aware investment strategies. For example, they may sell before a gain qualifies as long-term. In that case, the tax rate can be 35 percent, not 15 percent.
Surprisingly, says Douglas S. Rogers, CFA, most managers of mutual funds and other investment vehicles ignore such tax considerations when buying and selling securities, leaving investors with lower after-tax returns than they deserve. Tax-Aware Investment Management offers new thinking, new research, and new analytic tools to help advisers raise the after-tax returns on their clients’ portfolios and improve their investments, their overall financial picture, and their estate planning.
About the Author
DOUGLAS S. ROGERS, CFA, is a nationally known authority on tax-aware investment management. He is a managing director and senior consultant at CTC Consulting Inc., a subsidiary of U.S. Trust Corporation, where he serves ultra-high-net-worth families. Mr. Rogers is currently chair of the CFA Institute (formerly AIMR) Subcommittee for After-Tax Return Reporting. He is a former chief investment officer and director of manager research for a nationally known investment advisory firm and holds an MBA in finance from Southern Methodist University. A Chartered Financial Analyst (CFA), he is a frequent speaker on tax-aware investment management and after-tax reporting standards at industry conferences.
Wow! eBook
