What are your key responsibilities? I analyze cash flows for complicated tax situations facing our clients and their tax advisors, including charitable donations, incentive options, and estate/gift tax scenarios.
Describe your key previous work experience. Prior to co-founding Aperio, I was the Research Director and CFO at Morningstar. I also taught graduate-level portfolio theory, which has proven quite applicable to constructing client portfolios at Aperio. Likewise, I’ve applied learnings from building complex, risk-adjusted after-tax cash flow models at an oil company to my work here, doing the same thing for taxable investors.
What is the most interesting aspect of the job to you? As I try to help taxable investors understand how their pre-tax returns aren’t relevant, I continuously observe how resistant the investment industry remains to focusing on after-tax returns. It’s fascinating how much the industry’s stance reflects financial incentives—particularly from the lucrative revenue streams of the least tax-efficient strategies. More generally, the challenge of complicated investment problems continues to stimulate and satisfy my intellectual curiosity.
Describe some noteworthy projects you have worked on that directly impact Aperio’s clients. I’ve been closely involved in a wide range of new strategies and portfolio features, and often meet with many of our clients. I’ve particularly enjoyed balancing how to operate a for-profit business while emphasizing the fair treatment of clients and providing an exacting level of transparency and honesty, including taking full ownership when we make mistakes.
What do you like most about working at Aperio? It’s an incredible honor to work with such smart people who take pride in doing the right thing.
What previous role(s) did you serve at Aperio? Before assuming the roles of CEO and Chief Tax Economist in 2014, I was Aperio’s Chief Investment Officer for 15 years.
What are some non-work-related things we should know about you? I love to cook, which proves gratifying since I spend so much of my work time in my head and cooking is such a physical experience, especially the olfactory delights of spices. My other interests include reading, bicycling, hiking, and listening to Renaissance/early baroque music.
What postsecondary degrees and/or professional certifications do you possess? BA in History from Yale University; MBA in Finance from the University of Chicago.
As direct indexing offerings have matured, advertised promises of great economic benefit have proliferated. To distinguish hype from opportunity, advisors and their clients considering this approach over traditional equity indexing strategies should review the four key drivers that make direct indexing worthwhile for tax purposes...
Published Articles
"What Would Yale Do If It Were Taxable?" – Financial Analysts Journal, July/August 2015
"Restoring Value to Minimum Variance" – Journal of Investment Management, Second Quarter 2014 (received a Harry M. Markowitz Special Distinction Award)
"The Pursuit of After-Tax Returns: Indexed Exchange-Traded Funds vs. Indexed Separately Managed Accounts" – Investments & Wealth Monitor, September/October 2011
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