The April 1 kickoff of the second quarter means advisors who help clients set investment strategy are likely feeling stress. "Listen," many of them no doubt have been telling clients, "2013 was a terrific year. Enjoy the gift of a 30% gain in the S&P 500. Just remember that that kind of performance won't repeat in 2014." Hopefully, at least a few will truly temper their expectations.

As some advisors look for strategies that can add investment alpha, many also realize they may more easily enhance portfolio performance via tax alpha. The concept is appealing to many advisors who recognize the extent of the battle that must be waged to try to outperform the markets, versus the effort to use existing laws to maximize tax-efficient investment strategies.

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