The Albatross: Navigating Concentrated Wealth
Includes a Live Web Event on 09/15/2026 at 12:00 PM (MDT)
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Brought to you by the Investment Planning Knowledge Circle: Every adviser has met the client with one stock, a very low cost basis, and a substantial gain they do not want to realize carelessly. This session starts with client priorities: liquidity, retained exposure, cost, risk, and tax management. It maps those priorities to practical solutions in seven families, including staged selling, hedging, and giving. Before the technical work, though, we ground the discussion in the extremes: what happens if the client sells today, and what happens if they just keep holding?
Competency Level: Intermediate
FPA Competency: Critical Thinking
CFP Board Topic: Investment Planning, Tax Planning
CFP Board CE Credit Hours:
- Rank a client's priorities across liquidity, retained exposure, cost, risk, and tax management, and identify where those priorities conflict.
- Quantify the two extreme outcomes, selling today and continuing to hold, and use them as the baseline against which every other solution is measured.
- Map a given set of client priorities to the family of solutions.
Brent Sullivan
Independent Tax Analyst
Tax Alpha Insider
Tax Alpha Insider is the only publication focused on taxable portfolio strategy. I ship new articles 3x per week.
I write about:
- ETF taxation
- Direct indexing
- Tax-aware long-short (e.g., 130/30)
- Single-stock concentration solutions
My audience
Mostly advisers and sub-advisers serving HNW families who want to:
- Keep up with the latest in taxable portfolio management
- Understand tax strategy through examples and illustrations
- Know the vendors delivering state-of-the-art tax products
Who am I?
I am Brent Sullivan, an independent tax analyst. Connect with me on LinkedIn or follow me on X.
- Studied financial engineering at Cornell
- Worked on PIMCO’s trading floor
- Worked as a software developer at Parametric
- Worked as a DevOps engineer at Zillow Group
- Raised money as a VC-backed founder
- Started my taxable product marketing and strategy consultancy, Tax Alpha, LLC in Dec 2023
- Live in Seattle, WA with my wife and two boys
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