---
title: Tax-Aware Investing in the Balanced Portfolio
description: Balanced portfolios of stocks and bonds are foundational to investing, yet evolving markets present opportunities to improve their design and outcomes.
image: https://content.investmentsandwealth.org/hubfs/IWR-article3.png
---

[Skip to content](https://content.investmentsandwealth.org/publication/tax-aware-investing-in-the-balanced-portfolio-the-next-generation-of-balanced-investing#main-content)

[![Investments & Wealth Institute ](https://content.investmentsandwealth.org/hubfs/content-hub/iwi_logo_w294_h46.svg "Investments & Wealth Institute ")](https://investmentsandwealth.org/)

 Explore

- [All Content](https://4812204.hs-sites.com/content-hub)
- [Video](https://4812204.hs-sites.com/content-hub?type=Video)
- [eBook](https://4812204.hs-sites.com/content-hub?type=eBook)
- [Case Study](https://4812204.hs-sites.com/content-hub?type=Case+Study)
- [Blog](https://4812204.hs-sites.com/content-hub?type=Blog)
- [Podcasts](https://4812204.hs-sites.com/content-hub?type=podcast)
- [Webinars](https://4812204.hs-sites.com/content-hub?type=webinar)

- [Find An Advisor](https://www.investmenthelp.org/)
- [Contact](https://investmentsandwealth.org/contact-us)
- [My Dashboard](https://portal.investmentsandwealth.org/s/login/?startURL=%2Fs%2Fhome-page)

- Certifications 
    - [CIMA](https://investmentsandwealth.org/certifications/cima-certification)
    - [CPWA](https://investmentsandwealth.org/certifications/cpwa-certification)
    - [RMA](https://investmentsandwealth.org/certifications/rma-certification)
    - [Help Me Choose](https://investmentsandwealth.org/certifications/compare-iwi-certifications)
- [Online Education](https://investmentsandwealth.org/online-learning-financial-advisor-ce)
- [Conferences & Events](https://investmentsandwealth.org/financial-advisor-conferences-events) 
    - [Experience 2026](https://experience.investmentsandwealth.org)
- [Membership](https://investmentsandwealth.org/membership)
- [Publications & Resources](https://content.investmentsandwealth.org/)
- [Partner Solutions](https://investmentsandwealth.org/partner-and-sponsor)
- [About](https://investmentsandwealth.org/about/mission-purpose-value)

Investments & Wealth Review - November/December 2025

# Tax-Aware Investing in the Balanced Portfolio

The Next Generation of Balanced Investing

Admin

This article examines how balanced portfolios of stocks and bonds can be enhanced using more sophisticated investment approaches and technology. It focuses on the integration of equity direct indexing with individually tailored municipal bond portfolios within a single separately managed account, highlighting the potential for improved tax efficiency and stronger after-tax returns—particularly for high-income investors.

Instant Access

## Read the Full Publication

Our Members receive new publications by mail and in the Membership Newsletter. For immediate access—or if you’re not a member—complete the form below.

## About Investments & Wealth Review

*Investments & Wealth Review* is a bimonthly magazine, written by award-winning authors from academic institutions and leading financial firms. Immerse yourself in current industry news and thought-provoking articles on the investment, legal, regulatory, business development, retirement, and wealth management topics that matter most to you and your clients.

[![white_logo_horizontal 1](https://content.investmentsandwealth.org/hubfs/Assets%20-%20LP/white_logo_horizontal%201.png)](https://content.investmentsandwealth.org/)

#### Get Certified

- [Compare Certifications](https://investmentsandwealth.org/certifications/compare-iwi-certifications)
- [CIMA Certification](https://investmentsandwealth.org/certifications/cima-certification)
- [CPWA Certification](https://investmentsandwealth.org/certifications/cpwa-certification)
- [RMA Certification](https://investmentsandwealth.org/certifications/rma-certification)

#### About us

- [About Us](https://investmentsandwealth.org/about)
- [Board of Directors](https://investmentsandwealth.org/about/governance)
- [Leadership Team](https://investmentsandwealth.org/about/leadership-team)
- [Newsroom](https://investmentsandwealth.org/advisor-publications/newsroom)
- [Careers](https://investmentsandwealth.org/institute-careers)
- [Privacy Policy](https://investmentsandwealth.org/privacy-policy)

#### Support

- [Contact Us](https://investmentsandwealth.org/contact-us)
- [File a Complaint](https://investmentsandwealth.org/about/governance/report-or-file-a-complaint)

 © Copyright 2026 by Investments & Wealth Institute

<https://www.youtube.com/c/InvestmentsWealthInstitute> <https://www.linkedin.com/company/investmentsandwealthinstitute/> <https://x.com/iw_inst> <https://www.facebook.com/investmentsandwealthinstitute/>

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Admin",
    "url" : "https://content.investmentsandwealth.org/publication/author/admin"
  },
  "dateModified" : "2026-03-24T15:06:33.612Z",
  "datePublished" : "2026-03-19T15:46:31.000Z",
  "headline" : "Tax-Aware Investing in the Balanced Portfolio",
  "image" : [ "https://content.investmentsandwealth.org/hubfs/IWR-article3.png" ],
  "mainEntityOfPage" : {
    "@id" : "https://content.investmentsandwealth.org/publication/tax-aware-investing-in-the-balanced-portfolio-the-next-generation-of-balanced-investing",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://content.investmentsandwealth.org/hubfs/IWI%20Logos/IWI%20Logo%20Horizontal/180227_4C_LOGO_Horizontal.png"
    },
    "name" : "Investments & Wealth Institute"
  }
}
```