Tax-efficient Investing

Investment costs relentlessly eat away at investor returns.  In good markets and bad, the costs of management, trading, taxes and inflation are like holes in the bottom of the proverbial bucket.  Investors can't completely plug that hole, but they can be wise about where they allow these costs to persist and where they don't. 

Tax efficiency and cost-effectiveness are at the heart of Boardwalk's management philosophy:

      Tax Efficient -- Not all capital gains are created equal.  Our proprietary strategies are focused on generating long term capital gains, not profits from short term trading. The lower tax rate on long term gains is an investor's advantage, earned through patience.

     Low Turnover -- By focusing on sustainability leaders, our "low turnover" equity strategies simply trade less often, incurring far lower trading costs. This philosophy carries over to our selection of mutual funds, as well.

      Low Cost  -- Liberal use of index vehicles in the market's most "efficient" segments helps to lower investor costs.

      Exchange Traded Funds -- ETF's are tax efficient, low cost vehicles by their very design.  We use them across a variety of portfolio strategies.

      Management Fees -- Boardwalk's fees are independent of the asset chosen, meaning that we have no financial incentive to hold any particular security.  We charge no loads, mark-ups, commissions or other hidden expenses.  What you see is what you get.

Why pay management fees at all?
  (You might be surprised at the answer.)

Most investors are well-educated, successful individuals who do their "homework" when it comes to investing. However, excessive confidence or pessimism, can undermine their best efforts. 

DALBAR, leading a financial research firm, has been tracking investor behavior for some seventeen years. Each year, their conclusions have always been the same:  Investor emotions get in the way of wealth building. 

The DALBAR 2011 study found that for the 20 years through December 2010 investors significantly underperformed the benchmark indexes:


The best value that an advisor could add might be the simplest:  Remaining diversified.  Avoiding the "hot" areas.  "Staying the course" when times are toughest. 

A properly designed and counseled investment plan is one that stays within the your range of tolerable volatility -- essentially, taking the amount of risk that is right for you.  This balanced approach won't win any performance awards of course, but it will build wealth over the long term and help the you to achieve your objectives.

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