We emphasize tax sensitivity and cost efficiency in the construction of portfolios and in the selection of investment vehicles and managers. Considerable research points to the negative impact that investment expenses and taxes can have on returns over the long run. We design portfolios to factor in tax considerations of the various different types of accounts used (e.g., taxable vs. tax-deferred). We seek low-cost and/or tax-efficient investment products where possible and are sensitive to these considerations as we design and build client portfolios.