Keeping a focus on the bright side may not have been easy in recent months, given the market’s tumultuous start to 2016. But in ensuring that clients are grounded and have their eyes on the long term, it’s smart to plan to take advantage of some silver linings in all this market volatility.

First and foremost, in taxable accounts, a good strategy is to harvest portfolio losses when volatility strikes, in order to offset gains elsewhere in the portfolio. Many investors wait until year-end to harvest losses, much in the same way they hastily clean out their closets over the holidays to claim a charitable deduction for the year.

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