Investing with the tax code in mind

Portfolio management for a small number of families

Phil DeMuth is Managing Director of Conservative Wealth Management, LLC, a registered investment adviser. The firm manages portfolios for a small number of families, most of whom have been clients for many years and nearly all of whom arrived by referral. The emphasis is on what the tax code does to investment returns, and on arranging portfolios so that it does less.

Two books explain the approach. The How We Invest page shows what it looks like in practice.

Phil has written for the Wall Street Journal, Barron’s, Forbes, and the Journal of Financial Planning, and is the author of ten books on investing. More on the About page, along with contact details and disclosures.