A tax-efficient portfolio is important for investors who have money in taxable accounts — whether an advisor’s clients are in the preretirement accumulation phase of life, or are drawing money out of their retirement portfolios.

It behooves clients to understand the tax implications of the various asset classes in their portfolios. One place to start is to focus on two primary ingredients in nearly all portfolios: U.S. stock funds and U.S. bond funds.

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