Asset allocation is arguably the most-important decision facing strategic-minded investors. Meanwhile, taxes are inevitable, which implies that factoring in the government’s skimming when designing portfolios is both practical and essential. Traditionally, however, the twain never meet. Research on asset allocation is usually conducted as if taxes didn’t exist. The idea, then, of incorporating taxes into asset allocation analysis is eminently reasonable. In fact, there’s a small but growing school of researchers who advocate no less. But the devil’s in the details. Inserting tax strategy into portfolio design adds more complication. Does it also yield superior results? In search of an answer, your editor interviewed an authority on this budding area of study: Stephen Horan, head of private wealth at the CFA Institute. Our conversation appears in the current issue of Wealth Manager. You can also read the article here.