Steven M. Lugar, CFP®, is the Managing Director of Beaird Harris Wealth Management, an independent wealth management firm in Dallas. Lugar has more than 25 years’ experience, and for the past several years has been named one of the top wealth managers in the U.S. by Wealth Manager magazine. He spoke to WSJ Financial Adviser about a commonly repeated myth about tax deferral – and why he thinks advisers should offer clients some contrarian advice.
Over the years I’ve frequently heard clients repeat bad advice they’ve been told by other advisers. One of the classic investment myths centers on tax deferral. While tax deferral can be an incredibly powerful force in the effort to build net worth, making investment decisions just to defer taxes can actually result in a worse result for a client over a lifetime.
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