Cerulli: Launching an ETF is expensive... but maybe worth it?
Clients care about taxes. Advisers care about overhead. Plus memes & more. TGIF.
The tax efficiency offered by exchange-traded funds (ETFs) has made them the structure of choice for advisors.
What I’m reading…
Cerulli: In the U.S. Market, Conversions of SMAs to ETFs Are Growing
“In a 2024 Cerulli survey, HNW practice management executives rank tax minimization first, alongside wealth preservation, as what they perceive as their clients’ most important objectives (73% rate them very important).”
“It has been suggested that ETFs may help an advisor generate hundreds of thousands in cost savings…”
The CFA Institute (Kashner, Nadig): A Comprehensive Guide to ETFs
Stradley Ronon: Dimensional Fund Advisors Files Amended ETF Share Class Application with SEC
Kitces: Analyzing Congressional Republicans’ Budget Proposal For The 2025 TCJA Extension
John Bogle (2014): The Arithmetic of “All-In” Investment Expenses
I printed another 50 copies of The Adviser’s Guide to Seeding an ETF In-Kind.
The first 50 copies sold in 5 days. The second run is here.
Memes & More
