• Retail investors increasingly care about how much money they take home, not the gross return - before taxes & fees - reported on their investment statement.  Poorly managed taxes and transaction costs can kill investment returns.  As protection, robo-advisors provide automatic tax loss harvesting to help investors minimize taxes. Some specific investment instruments also aim to minimize taxes, e.g., life insurance for inheritance planning and municipal bonds are tax-advantaged products. An emerging manager, Greenline Partners, offers a risk parity model not common among money managers serving institutions. The Greenline solution focuses on tax minimization by understanding the long term impact of deferring taxes and overlaid with a unique tax loss harvesting methodology.