About the Book
"It's unusual to have an author in finance who manages his own capital in the same way he advises others. Stuart Lucas is a rare breed who has been practicing what he preaches for two decades. The high value advice in this The Taxable Investor's Manifeto (TIM) should be of interest to young earners who are generating positive net cash flow, mid-career managers, business owners, business executives, all the way to family office executives for families with multi-generational wealth. Given the emphasis on taxable financial assets the market is predominantly US-oriented, though the principles discussed apply to many tax jurisdictions. In addition to serving taxable investors, TIM creates a path forward for financial advisors who are struggling to rethink their client value proposition. They have found that "beating the market" or "access to alternatives" may justify their fees in the short run but are not viable foundations for long term relationships. Indexing may be solid advice but it's hard to justify the same fees. This approach is better for clients, but it is also can guide advisors out of this bind. This personal finance book is written in a style that is accessible and engaging to anybody with interest and modest familiarity with personal finance. Using extensive footnoting, there are pathways to deeper research for those readers who are interested or who want to confirm the citations' relevance and rigor. The advice is action oriented and implementable"--
Book Synopsis
The Taxable Investor's Manifesto: Wealth Management Strategies to Last a Lifetime is written for every investor with taxable wealth and every advisor who serves them. The Taxable Investor's Manifesto guides readers through a series of related topics, bringing clarity to complexity with an economy of words, while providing valuable and actionable advice at every turn.
This remarkable book combines the deep industry knowledge of a seasoned practitioner with the communication skills of a leading educator. Author Stuart E. Lucas is the founder and Chief Investment Officer of Wealth Strategist Partners, a firm that advises complex family enterprises, including his own. He also co-founded the University of Chicago's Private Wealth Management program, now in its fourteenth year.
Most investment books only address pre-tax headline returns, but individuals pay taxes. The incentives and disincentives of our tax system can have a dramatic impact on actual investment time horizons and returns. The Manifesto sensibly folds tax incentives into investment strategy in ways that can add profound value over a lifetime to actual results. It includes guidance on:
- How to keep a greater percentage of your profits with a higher probability of success and less effort
- Why it's important to manage the intersection of investment, tax and estate planning
- How to compete for better long-term investment returns against tax-exempt investors.
Whether you're a young professional or entrepreneur, a mid-career manager, a senior business executive, or a retiree this book will give you tools to enhance your net worth considerably. If you are an advisor, studying and implementing Lucas's advice will strengthen your business and make your clients happier.
From the Back Cover
PRAISE FOR THE TAXABLE INVESTOR'S MANIFESTO
"The truths in this manifesto are universal for taxable investors and their advisors whether they oversee thousands of dollars or billions. Sign me up."
Joe Mansueto, Founder and Executive Chairman, Morningstar, Inc.
"The vast majority of what you'll read and hear about investing refers only to pre-tax results. But that's highly inadequate where your personal wealth is concerned. As Stuart Lucas writes, 'The combination of equities, time, tax efficiency and compounding can be worth millions.' Taxable investors ignore these considerations to their own detriment."
--Howard Marks, CFA; Co-Chairman, Oaktree Capital Management, LP
"Stuart Lucas, CFA, has nailed it! Too often, taxable investors focus on pick- ing a few high-flying stocks and think only a few magical managers can do it. Stuart argues it's really about managing the intersection of invest- ments, taxes, and estate planning. He shows how basic errors in one of these areas can knock out 'success' in any one or two of the others. He paradoxically creates clarity out of complexity by introducing both common and uncommon sense. An easy, accessible must-read for financial advisors and for taxable investors taking an active interest in managing their wealth."
--Stephen Horan, PhD, CFA, CIPM, CAIA; Managing Director, Americas, CFA Institute
"The Taxable Investor's Manifesto makes it abundantly clear why taxable investors need to think differently and, importantly, shows how, in prac-tical, field-tested ways, taxable investors can improve their odds for suc-cess. This is a highly readable and welcome addition to the short list of resources addressing the distinctive needs of taxable investors."
--Tom Faust, Chairman, CEO, and President, Eaton Vance Management Inc.
"Investing is complicated and stressful. Diversification, correlation, beta, alpha, and standard deviation are like a foreign language. Stuart Lucas brings clarity to complexity and shows how you can make the government an investment partner instead of a dependent. A must-read for all investors."
--Thomas J. Wilson, Chair, President, and CEO, The Allstate Corporation; Chair of the Executive Committee of the U.S. Chamber of Commerce
About the Author
STUART E. LUCAS is the founder and Co-Managing Partner of Wealth Strategist Partners, a consultant to complex family enterprises, including his own. He co-founded the University of Chicago's Private Wealth Management program, now in its fourteenth year, and is the author of the bestselling Wealth: Grow It and Protect It and numerous articles on investing and wealth management. Lucas is immediate past Chair of the Investment Committee of National Public Radio and formerly Senior Managing Director of the Ultra-High-Net-Worth Group within Private Client Services at Bank One, now JPMorgan Chase. He holds an MBA from Harvard Business School, a BA from Dartmouth College and is a Chartered Financial Analyst.
