Description

A focused course, tailored for you

The Private Wealth Advisor's Concentrated-Position Playbook

Walk a client off a single oversized holding without blowing up the tax bill, the lifestyle plan, or the relationship.

The client's net worth is 60 percent in one ticker. Every review for two years has ended with the client saying "next year". The lifestyle plan you wrote assumes the concentration is already gone. It is not, and you are the one who has to bring it up again next month.

$199 one-time

Tailored to your situation. Access within 24 hours. 30-day money-back.

Includes a hand-built implementation playbook delivered alongside course access, generated for your specific situation.

Why this course

Concentrated single-stock positions are the unspoken weight on most private wealth books. The client knows the position is too big. The advisor knows. The CPA knows. Nobody moves because the embedded gain looks too painful in isolation. The result is a portfolio that quietly drifts from the written plan, a lifestyle projection that no longer reflects reality, and a review meeting cadence where the same conversation gets postponed quarter after quarter. The fix is not a single trade. It is a multi-year sequencing plan that names the lots, the wrappers, the timing, and the trade-offs in a format the client can sign off on. This course gives the advisor the working template, the client-facing artefacts, the tax-lot logic, and the sequencing decisions that make the conversation move forward instead of stall.

What you walk away with

Run a concentrated-position review meeting that ends with a signed sequencing decision, not another postponement.
Build a multi-year decumulation plan that names the lots, the wrappers, the timing, and the after-tax impact for each tranche.
Compare exchange funds, collared sales, direct indexing transitions, charitable lots, and gifting strategies on a single page the client actually reads.
Refresh the lifestyle plan after each tranche so the projection stays honest and the client sees the trade-off in lifestyle terms.
Hand the client a written one-pager per review that reads like a plan rather than a tax dodge.

The 12 modules

Module 1. Pre-meeting prep: cost-basis lots, wash sale exposure, current portfolio overlap

Pulls the lot-level cost basis from the custodian, screens for wash sale exposure across the household's other accounts, and overlays the concentrated holding's sector and factor exposure against the rest of the portfolio. The output is a one-page pre-read that surfaces which lots are long-term, which are short, what the embedded gain is, and how much sector concentration is doubled up elsewhere on the household balance sheet.

Module 2. The trade-off grid the client actually reads

Builds a single-page comparison the client can sign. Columns are diversification path options, rows are after-tax dollars retained, lifestyle plan probability of success, years to fully diversify, and complexity to administer. Names how to label the grid so the client argues with the trade-offs rather than the format, and how to surface the do-nothing column so postponement reads as the active choice it is.

Module 3. Exchange funds: who qualifies, what the lockup costs, what the client receives

Walks through the qualified purchaser rules, the seven-year lockup mechanics, the diversification basket received in exchange, the management fee drag, and the in-kind redemption math at the back end. Names the two to three exchange fund sponsors active in the current cycle, the minimum contribution levels, and the documentation the custodian needs. Closes with a script for explaining the lockup to a spouse who will ask why money is locked up.

Module 4. Collared sale structures: protective put, financed put, prepaid variable forward

Builds the option overlay on a concentrated position so the client locks in a downside floor while retaining limited upside. Names the strike selection, the financing cost of the put, the constructive sale rules that gate prepaid variable forwards, and the margin and pledging mechanics. Includes a worked example on a 5M position showing the cash flow timeline, the tax characterisation of the proceeds, and what happens at expiration under three price scenarios.

Module 5. Direct indexing transition with the concentrated holding as the seed

Sets up a separately managed direct indexing account using the concentrated holding as the seed and harvests losses elsewhere in the portfolio to fund partial sales of the concentrated position. Covers the tracking error budget, the loss harvesting cadence, the platform options for direct indexing at the household's asset level, and the multi-year glide path that gradually reduces the position weight while keeping the household's overall equity exposure roughly intact.

Module 6. Charitable lots: DAF contribution, CRT, pooled income funds

Walks through contributing appreciated long-term lots to a donor-advised fund as a tax-efficient way to fund the client's charitable intent while reducing the position. Compares a charitable remainder trust for clients who want income from the proceeds, names the unitrust versus annuity trust trade-off, and covers pooled income funds. Closes with the timing logic for stacking a charitable lot with a partial sale in the same tax year.

Module 7. Gifting to family: annual exclusion, GRAT, IDGT sale

Names the annual exclusion gifting cadence, the lifetime exemption mechanics, and how a grantor retained annuity trust shifts future appreciation of the concentrated holding to the next generation at a discounted gift value. Covers the intentionally defective grantor trust installment sale structure for larger transfers, the valuation discounts that may apply, and the coordination required with the client's estate attorney. Closes with the family conversation script so the gifting decision arrives as a planning move rather than a surprise.

Module 8. Lifestyle plan refresh after each tranche

Rebuilds the Monte Carlo or deterministic plan after each diversification tranche so the projection reflects the new portfolio. Covers how to update the spending assumption, the inflation assumption, and the asset allocation after a partial sale, and how to present the new probability of success to the client in plain language. Names the eMoney and MoneyGuidePro workflow specifically for retagging the concentrated position and propagating the change into the cash flow report.

Module 9. Sequencing across tax years

Builds the three to five year calendar that names which lots are sold or contributed in which tax year, layered against the household's other expected income events: a bonus, a business sale, an RSU vesting tranche, a Roth conversion ladder. Covers how to use a high-income year for a larger DAF contribution and a low-income year for a larger sale, and how to revisit the calendar each year as the position price and the household income change.

Module 10. Coordination with the CPA, the estate attorney, and the custodian

Names the documents each professional needs and when they need them: the CPA's projected tax bracket worksheet before any sale, the estate attorney's drafting brief for any trust structure, the custodian's restricted stock or 144 documentation if the holding is from a former employer, and the corporate insider trading window if the client is still affiliated. Includes a coordination calendar template and a meeting agenda for the annual joint review.

Module 11. The client-facing one-pager per review

Builds the single-page review artefact the client sees every quarter or semi-annual review. Names what goes above the fold: the concentration percentage trend, the dollars diversified to date, the after-tax dollars retained, the next planned tranche, and the lifestyle plan probability of success. Includes a sample that reads like a plan rather than a tax statement, plus the language to use when the position price has moved sharply since the prior review and the plan needs an honest adjustment.

Module 12. Handling the client who still wants to wait

Names the three most common reasons a client postpones: anchoring to the high price, attachment to the former employer, fear of being wrong. Gives the response for each, the question that surfaces the real reason behind the stated reason, and the framing that makes the do-nothing path read as the active choice it is. Closes with the email follow-up template after the review and the cadence for re-surfacing the conversation without it feeling like pressure.

How this addresses your situation

Specific modules that map to what you said you are dealing with.

Client review next month with a 60-plus percent concentration that has been postponed three reviews in a row.

New household onboarding where the concentration shows up in the discovery questionnaire and a sequencing plan is part of the proposal.

Annual joint meeting with the CPA and estate attorney where the concentrated holding is the gating item on every other recommendation.

Major life event in the household (sale of a business, retirement date set, inheritance landing) that forces the concentrated holding back onto the agenda.

What you get with this course

Twelve written modules, each with worked examples drawn from realistic household balance sheets.
Downloadable cost-basis pre-read template (Excel) that pulls into a one-page client review artefact.
Trade-off grid template comparing exchange fund, collared sale, direct indexing transition, charitable lot, and do-nothing paths on after-tax dollars retained and lifestyle probability of success.
Multi-year sequencing calendar template that layers the concentrated-position tranches against other expected household income events.
Client-facing one-pager template for quarterly or semi-annual reviews.
Hand-built implementation playbook tuned to the holding sizes and household structure you bring in, delivered alongside course access.

What you will have in hand by Day 1, Week 1, Month 1

Course access provisioned in the Art of Service learning environment within 24 hours of purchase.

Hand-built implementation playbook, tuned to the holding sizes and household structure you bring in, delivered alongside course access.

Suggested working pace: one module per evening over two weeks, then apply to a live household review.

Before and after

Before

The concentration conversation has been postponed three reviews in a row. The lifestyle plan no longer reflects the actual portfolio. Every review ends with the client saying "next year" and the advisor agreeing because the embedded gain looks too large in isolation.

After

A signed multi-year sequencing plan sits in the client file. Each review starts with the tranche update and the lifestyle plan probability of success refreshed against the new portfolio. The do-nothing column is on the trade-off grid so postponement reads as the active choice it is, and the client makes the active choice less often.

What happens if you do not address this

The concentrated position continues to drive household risk in a direction the written plan does not reflect. The lifestyle projection drifts from reality. A sharp move in the holding (either direction) forces a reactive decision rather than a planned one, and the relationship absorbs the friction. The CPA and estate attorney lose confidence that the wealth advisor is driving the household plan, and the next major decision (a business sale, a real estate transaction, a generational transfer) lands on a household balance sheet that nobody has actively shaped.

Who it is for

A private wealth advisor or portfolio manager running individually held client portfolios where lifestyle planning, tax-aware investing, and intergenerational transfer matter as much as raw return. Books are typically 40 to 150 households, average investable assets from 1M to 25M per household, with a meaningful share of clients holding a concentrated position from a prior employer, founder stock, an inheritance, or a long-held real estate roll-up. The advisor reports to a chief investment officer or runs a solo practice, uses a planning tool such as eMoney or MoneyGuidePro, and is the relationship owner the client calls first.

Who this is NOT for. Brokerage representatives running a transactional commission book, robo-advisor product managers, institutional fixed-income desks, or anyone whose clients are pooled vehicles rather than individual households. Not a CFA prep course, not a securities licensing course, not an introduction to portfolio theory.

How it arrives

Text-based course in the Art of Service learning environment, plus downloadable templates and worked examples for every module, plus the hand-built implementation playbook delivered alongside course access.

Time investment. Roughly 8 to 12 hours of reading and template work across the twelve modules, plus the time to apply the sequencing plan to one live household between modules 9 and 12.

Why $199 is the right number

Free CFP continuing education covers the tax-aware investing topics at a survey level but does not give you a working trade-off grid, a sequencing calendar template, or a client-facing one-pager you can drop into Monday's review. A custodian-sponsored white paper on concentrated positions explains the product options but stops short of the household-level sequencing plan. A CFA program is portfolio theory at a depth most private wealth conversations never reach. This course is the working playbook that sits between the survey-level reading and the household-specific plan you need to write next week.

FAQ

Is this US-specific?

The structural decisions (exchange funds, collared sales, direct indexing, charitable lots, gifting) apply across most developed markets, but the tax mechanics and the specific structures named are written from the US private wealth context. If your book is predominantly Canadian, UK, or Australian, the sequencing logic and the trade-off grid still apply; the specific wrappers will need adaptation to local tax rules and your local tax adviser will need to validate the tranche math.

Do I need to be a CFP or CFA to use this?

No. The course assumes you are already running individually held client portfolios and that you coordinate with a CPA and an estate attorney. It does not teach you the credentials. It teaches you the sequencing playbook for the specific concentrated-position situation.

What does the hand-built implementation playbook actually contain?

It is tuned to the household profile you describe at purchase: typical holding sizes, typical concentration percentages, the planning tool you use, whether you have an in-house CPA or coordinate externally, and the custodian relationships you run on. The playbook arrives as a working document you can adapt to specific households rather than a generic reference.

Will this cover restricted stock and Rule 144 holdings?

Yes. Module 10 names the Rule 144 documentation the custodian needs for restricted stock from a former employer, and the corporate insider trading window if the client is still affiliated. The sequencing logic in modules 4, 5, and 6 takes Rule 144 volume limits into account.

What if my client refuses to diversify at all?

Module 12 covers the do-nothing path, names the three most common reasons clients postpone, and gives the framing that makes the do-nothing column read as the active choice. The course will not force a client into a sale they do not want. It gives you the conversation structure so the choice is active rather than postponed by default.

30-day money-back guarantee. If after a week of working through the materials this is not what you needed, reply to the receipt email and a full refund is processed. No questions, no forms.

Within 24 hours your account in the learning environment is provisioned and the tailored implementation playbook is delivered alongside it.