Notably, these numbers are averages of estimates, and as the authors of the Vanguard study point out, there could be great variability in outcomes from one client to the next, and even one year to the next (e.g., the report shows a high end of 185 bps for investment tax planning). But what this study demonstrates is that nearly a third to a half of advisor alpha can be generated just from investment-related tax planning strategies alone!



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