There’s one question that inevitably comes up when people talk about investments: “What was your return last year?”

It’s a fair question. Performance is how most people judge their portfolios. You grab your most recent statement, look up the number, and—voilà—there’s your return. But here’s the thing: that number doesn’t tell the whole story. In fact, it’s not even the number that really matters.

Because what you’re looking at is your pre-tax return—not your after-tax return.

After-tax dollars are the ones you actually get to keep, spend, and live on. Yet when was the last time someone asked that question? How often do you hear after-tax returns discussed at cocktail parties or financial planning seminars?

Not often, and there’s a reason. The financial media machine thrives on market drama—24/7 noise, flashing tickers, hot takes, and hype. Tax planning? That’s quiet, strategic, and long-term, which isn’t exactly prime-time material.

But here’s the truth: tax-smart planning can significantly impact whether a client meets their long-term financial goals—and whether their money lasts. These strategies don’t require you to change your investment process—just thoughtful implementation.

Here are a few areas where tax planning can add serious value:

• Asset Location: Different accounts (Roth IRA, Traditional 401(k), brokerage) are taxed differently when funds are withdrawn. So why invest them all the same way? Smart asset location means aligning expected growth with tax efficiency.
  
• Lifetime Tax Bracket Planning: Is it actually a win for a client to pay no tax in a given year? Or was that a missed opportunity to do a Roth conversion, harvest gains, or implement other tax-savvy strategies?
  
• Spend-Down Planning: Once a client is retired, how do you recreate a paycheck—without triggering unnecessary taxes? The order and source of withdrawals can make a big difference.
  
• Legacy Planning: Are clients maximizing tax efficiency when gifting to heirs or charities? Strategic giving can lower lifetime tax bills and increase impact.

This kind of planning often has a bigger long-term effect than any market swing or headline. Market dips may feel dramatic—but they rarely derail a sound financial plan. Missed tax planning opportunities? Those are permanent. You don’t get those dollars back.

If you want to help your clients stretch their portfolios and make their wealth last, you need more than solid investments—you need a lifetime tax strategy.We’ll dive into exactly that at PEAK during my session: Lifetime Tax Minimization: Missed Opportunities in Investment and Financial Planning. Hope to see you there!