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Investment Strategies

Tax-efficient investing: Keep more of what you earn

Two portfolios with identical pre-tax returns can leave you with very different after-tax wealth. Tax-efficient investing can help close that gap and keep more of your portfolio working toward your goals.

At J.P. Morgan Private Bank, we bring a tax-aware lens to portfolio construction and wealth planning—helping align investment decisions, account types and specialized strategies with broader wealth goals. The aim is simple: to keep more of your money working without letting taxes drive decisions that don’t fit your plan.

Partner with our team

Why tax efficiency matters for long-term wealth

Over time taxes can be one of the largest—and most controllable—drags on portfolio returns. A well-designed, tax-aware approach can help reduce that drag and make a meaningful difference in the wealth ultimately kept.

Tax drag compounds

Every dollar paid in taxes is a dollar that stops compounding. Over decades, that drag can materially impact what your portfolio delivers.

Location matters

The same investment can be taxed very differently depending on the account type where it’s held. Thoughtful asset location helps place investments across taxable and tax-advantaged accounts with greater intention.

Not all returns are taxed alike

Income, dividends, and realized gains receive difference tax treatments. Understanding the character of returns helps determine which strategies belong in taxable, tax-deferred or tax-exempt accounts.

The purpose of your dollars can alter tax benefits

If taxable and tax-advantaged accounts are needed for spending, or assets exceed your goals, the asset location conversation changes. Understanding the decumulation strategy is key.

Strategies across the tax-aware investing spectrum

Tax-aware strategies to support your investment objectives, liquidity needs, and broader wealth plan
Ways we help

How we partner with you across the portfolio lifecycle

Tax-aware management — from initial transition through ongoing oversight

Transitioning legacy assets

Tax-aware implementation

Ongoing tax management, year-round

Timely tax insights

Meet the team

Our specialists guide you through tax-aware planning opportunities and private placement structures as part of your broader wealth plan — working in coordination with your tax and legal advisors.

Geoffrey Tully

Managing Director, Private Placement Solutions, U.S. Private Bank

Adam Ludman

Head of Tax Strategy

Evelina Samson

Executive Director, CFA®, Portfolio Construction Strategy, Tax-Aware Investing

Tom Lenkiewicz, CFP®, CPWA®

Senior Wealth Strategist and Head of Retirement & Asset Location

Frequently asked questions

Let's optimize for what you keep — around the goals you already have
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Important Information

This material is for information purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. ("JPM"). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations.

GENERAL RISKS & CONSIDERATIONS

Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE

Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Tax-loss harvesting: The impact of a tax-loss harvesting strategy depends upon a variety of conditions, including the actual gains and losses incurred on holdings and future tax rates. Tax loss harvesting may not be appropriate for everyone. If you do not expect to realize net capital gains in the year, have net capital loss carry forwards, are concerned about deviation from your model investment portfolio, and/or are subject to low income tax rates or invest through a tax-deferred account, tax loss harvesting may not be optimal for your account. You should discuss these matters with your investment and tax advisors. Investment strategies that seek to enhance after-tax performance may be unable to fully realize strategic gains or harvest losses due to various factors. Market conditions may limit the ability to generate tax losses. Tax-loss harvesting involves the risks that the new investment could perform worse than the original investment and that transaction costs could offset the tax benefit. Also, a tax-managed strategy may cause a client portfolio to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. Investors should consult with a tax or legal advisor before making any investment decision.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal and accounting advice. J.P. Morgan Chase & Co. and its affiliates do not provide tax, legal or accounting advice and are not responsible for any adverse tax consequences or liabilities. You should consult your own tax, legal and accounting advisors before engaging in any transaction

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To learn more about J.P. Morgan’s investment business, including our accounts, products and services, as well as our relationship with you, please review our J.P. Morgan Securities LLC Form CRS and Guide to Investment Services and Brokerage Products. 

 

JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.

 

Please read the Legal Disclaimer for J.P. Morgan Private Bank regional affiliates and other important information in conjunction with these pages.

INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

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