Asset Location Tax Strategies Most Wealthy Investors Overlook

Are you leaving tens of thousands of dollars on the table every single year? Most affluent investors obsess over *what* they own — but sophisticated wealth management starts with *where* you own it. In this episode, we break down asset location: the tax strategy that can dramatically reduce drag on a $2M+ portfolio by strategically placing investments across taxable accounts, traditional IRAs, and Roth IRAs. You'll learn why this overlooked piece of financial planning often matters more than picking the right stocks or funds, how a fiduciary advisor approaches account optimization differently than a commission-based broker, and what steps you can take right now to stop overpaying the IRS. Whether you're approaching retirement or already there, this strategy deserves a serious look. Ready to talk? Schedule a complimentary discovery call at TDWealth.net. For educational purposes only. Not investment advice. 📖 Full show notes: https://tdwealth.net/asset-location-tax-strategies-most-wealthy-investors-overlook/

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SPEAKER_01 0:00

You know, usually when we talk about a high performance engine, we focus uh uh entirely on the horsepower.

SPEAKER_00 0:05

Oh, absolutely. It's all about the specs.

SPEAKER_01 0:07

Right. We look at the premium fuel, the shiny exterior, the zero to sixty time. But any good mechanic will tell you that the silent killer of a truly great engine isn't a completely broken part. It's friction.

SPEAKER_00 0:20

Yeah, that's exactly it.

SPEAKER_01 0:22

It's just a tiny persistent amount of internal resistance that quietly robs the vehicle of its speed and efficiency mile after mile until you realize you're, you know, barely coasting.

SPEAKER_00 0:33

Right. Because the engine sounds fine to the untrained ear. I mean, it's getting you from point A to point B.

SPEAKER_01 0:38

Yeah.

SPEAKER_00 0:38

But underneath the hood, you are burning drastically more fuel than you need to just to maintain your speed.

SPEAKER_01 0:44

Just burning it up.

SPEAKER_00 0:45

Exactly. That's an invisible leak, really. You don't even notice the drag until you actually look at the gauge and do the math.

SPEAKER_01 0:50

And today we are taking that exact same physical concept and applying it to your wealth. Welcome to the deep dive.

SPEAKER_00 0:57

Glad to be here.

SPEAKER_01 0:57

Our mission today is to uncover a critical, often invisible blind spot that is literally costing affluent investors tens of thousands of dollars every single year. And um, most of them have absolutely no idea it's happening.

SPEAKER_00 1:10

They really don't. It's a huge issue.

SPEAKER_01 1:12

We were looking at some fascinating research from the team down at Davies Wealth Management. They're a fee-based fiduciary in Stewart, Florida. And they originally put this together for their 1715 Treasure Coast Financial Willness Podcast.

SPEAKER_00 1:25

Yeah, it's great material.

SPEAKER_01 1:26

They completely flipped how I think about portfolio building by highlighting a concept called tax drag.

SPEAKER_00 1:32

Aaron Powell It really is a paradigm shift. I mean, when most people look at their monthly investment statements, their eyes dart straight to the gross return.

SPEAKER_01 1:39

Oh, yeah, the big shiny number at the top.

SPEAKER_00 1:41

Right, exactly. But tax drag is the quiet, ongoing erosion of those returns by taxes. It is the friction in your financial engine.

SPEAKER_01 1:50

Aaron Powell The math they presented on this is honestly staggering. Depending on the specific asset classes you hold in your current tax bracket, tax drag can reduce a taxable account's effective annual return by half a percent to a full 2%.

SPEAKER_00 2:02

Aaron Powell Which doesn't sound like much until you compound it.

SPEAKER_01 2:05

Right. So I want you, the listener, to just visualize this for a second. Imagine you have a $3 million portfolio. You've worked decades, you've saved aggressively, you've invested well. A 2% tax drag means you are losing anywhere from $15,000 to $60,000 every single year, just because of unnecessary friction.

SPEAKER_00 2:27

You are essentially tipping the IRS a luxury car's worth of money annually. And not because your investments are bad, but simply because your assets are sitting in the wrong type of account.

SPEAKER_01 2:39

Yeah.

SPEAKER_00 2:40

It's an entirely unforced error.

SPEAKER_01 2:42

Aaron Ross Powell Okay, let's unpack this. Because I think anyone watching their portfolio is usually laser focused on asset allocation. You know, what percentage of stock versus bonds do I own? Am I diversified?

SPEAKER_00 2:52

That's the standard advice.

SPEAKER_01 2:52

Aaron Powell But the research from Davies Wealth Management is focusing on asset location, not what you own, but exactly where you park it.

SPEAKER_00 2:59

Yeah, I think a great way to think about it is packing for a vacation. Asset allocation is making sure you have all the right clothes. But asset location is making sure you don't pack your winter coat in your carry-on if you're flying to Florida, right? And you don't pack your toothbrush in the checked bag. Both items are useful, but putting them in the wrong place just causes chaos.

SPEAKER_01 3:20

That makes so much sense.

SPEAKER_00 3:21

Asset allocation is about balancing your risk and your return. Asset location is about defending that return from the tax code. To do that successfully, you have to map out the specific tax environments of the different accounts you hold. You can't optimize a system if you don't understand the physical rules governing it.

SPEAKER_01 3:40

Before we get into the specific strategies of what goes where, let's build that map for the listener. I was thinking about this earlier and I realized it's a lot like farming. You essentially have three different environments where you can plant your seeds.

SPEAKER_00 3:51

Oh, I like that.

SPEAKER_01 3:52

So the first environment is your taxable account. This is your standard individual or joint brokerage accounts. And this is basically an open field.

SPEAKER_00 4:00

An open field is the perfect way to look at it because in a taxable account, there is absolutely no shelter from the weather. The IRS is watching every single drop of rain.

SPEAKER_01 4:10

They see everything.

SPEAKER_00 4:11

They really do. Every time a dividend is paid out, every interest payment generated, and every time you sell a stock for a gain, it is reported on your 1040 tax return in that very same year. You feel the tax impact immediately.

SPEAKER_01 4:25

And for high net worth investors, that weather is severe. You are looking at a 20% federal rate on long-term capital gains.

SPEAKER_00 4:33

Right.

SPEAKER_01 4:33

Plus, the sources point out something called the net investment income tax or NIIT. Just to clarify for the listener, this is an extra 3.8% surtax the government slaps on your investment income once your adjusted gross income crosses a certain threshold. Exactly. So suddenly you aren't paying 20%. You're paying a 23.8% effective tax rate on your gains.

SPEAKER_00 4:56

And we haven't even factored in state taxes yet, which can push that number well over 30% depending on where you live. So that's the open field.

SPEAKER_01 5:02

Rough weather.

SPEAKER_00 5:03

Very rough. The second environment is the tax-deferred bucket. Think of your traditional IRA, your traditional 401k, or a 403B. Going back to your farming analogy, this is like renting a commercial greenhouse.

SPEAKER_01 5:14

Okay, so I'm protected from the weather while the crops are growing.

SPEAKER_00 5:17

Exactly that. You get a tax deduction when you bring your seeds into the greenhouse, and then your investments grow completely sheltered from annual taxes. Dividends can pour in, you can buy and sell all day long inside the account, and you don't owe a dime to the IRS that year.

SPEAKER_01 5:33

That sounds great. What's the catch?

SPEAKER_00 5:35

The catch is the landlord at the door. When you finally take that harvest out of the greenhouse of retirement, every single dollar is taxed as ordinary income.

SPEAKER_01 5:44

Which is the highest possible tax rate on the books.

SPEAKER_00 5:46

Yeah, unfortunately. You are trading tax-free growth today for a potentially massive tax bill later at whatever the ordinary income tax rates happen to be at the moment you withdraw it.

SPEAKER_01 5:56

Right, right.

SPEAKER_00 5:57

Finally, we have the third environment, the Roth accounts. So Roth IRAs, Roth 401ks. If the traditional IRA is a rented greenhouse, the Roth is a high-tech tax-free vault that you own free and clear.

SPEAKER_01 6:10

You get no upfront tax deduction to put the money in, though. You have to pay taxes on your seeds before you lock them in the vault.

SPEAKER_00 6:15

But once they are inside, the growth is yours forever. When you pull money out in retirement, you owe absolutely zero income tax on the appreciation. Furthermore, for a Roth IRA, there are zero required minimum distributions or RMDs during your lifetime.

SPEAKER_01 6:33

And RMDs are just the government forcing you to take money out of your traditional retirement accounts once you hit a certain age, usually around 73, right? Because they are, you know, tired of waiting for their tax cut.

SPEAKER_00 6:43

They want their cut and they force you to take it out whether you need the money to live on or not, which often pushes retirees into unexpectedly high tax brackets. The Roth completely bypasses that mechanism. You can just let it sit and compound.

SPEAKER_01 6:56

What's wild to me is that you can have two investors, both with five million dollars, both holding the exact same index funds and bonds. But because investor A planted their seeds in the wrong environments and investor B mapped their asset location, investor B ends up with hundreds of thousands of dollars more in lifetime wealth.

SPEAKER_00 7:15

It happens all the time. What's fascinating here is that most major national brokerage firms gloss right over this. Oh, yeah. They use algorithms to provide highly sophisticated standardized asset allocation advice, telling millions of people to hold, say, 60% stocks and 40% bonds. But they apply that uniformly across all your accounts. Standard robo advisors are practically blind to the unique tax environments of high net worth individuals.

SPEAKER_01 7:42

Okay, so if the generic advice is failing us, let's look at what Davies Wealth Management actually recommends. Now that we understand the open field, the rented greenhouse, and the tax-free vault, where do specific assets physically belong? Let's start with bonds and real estate investment trusts, or REITs.

SPEAKER_00 7:59

Aaron Powell, you want to pack these squarely into your tax-deferred accounts, your traditional IRAs and 401ks.

SPEAKER_01 8:04

Okay, why is that?

SPEAKER_00 8:05

The logic here is entirely based on the mechanism of how these assets pay you. Bonds generate interest income and REITs pay out dividends that are largely classified by the IRS as ordinary income. They generally don't get the preferential lower capital gains tax rates.

SPEAKER_01 8:20

So if I have bonds generating ordinary income and I plant them in my taxable account, the open field, I am just bleeding cash to the IRS every single year.

SPEAKER_00 8:28

Let's run the actual math. If you have a $500,000 bond allocation sitting in a taxable brokerage account yielding 5%, and you are in the 37% federal tax bracket, you are losing more than a third of that interest income to taxes annually.

SPEAKER_01 8:42

Oh wow. That's a huge hit.

SPEAKER_00 8:44

It's incredibly inefficient. But if you simply move that exact same $500,000 bond allocation into the rented greenhouse of your traditional IRA, you eliminate that annual friction entirely. The interest compounds completely sheltered until you finally withdraw it.

SPEAKER_01 8:59

Okay. So if we are hiding our highly taxed bonds in the IRA, what does that leave for our standard, fully exposed taxable account? It feels like putting our broad market equities, things like total market index funds or large cap ETFs in the open field is just asking to get taxed.

SPEAKER_00 9:15

It seems counterintuitive, I know. But broad market equities are inherently tax efficient on their own, which makes them perfect for the taxable account. We need to look at two mechanisms here: turnover and qualified dividends. Okay. Think about a standard S P 500 index fund. It has very low turnover.

SPEAKER_01 9:29

Just to clarify for the listener, low turnover means the fund manager isn't constantly buying and selling stocks inside the portfolio every week.

SPEAKER_00 9:37

Which is crucial because every time a fund manager sells a stock for a profit, they generate a capital gain. And by law, they have to pass that tax burden on to you, the shareholder. Because index funds just sit on their holdings for years, they don't generate those hidden short-term capital gains taxes. Right.

SPEAKER_01 9:54

And what about the dividends those stocks pay out?

SPEAKER_00 9:56

The dividends paid by large U.S. corporations typically meet the IRS requirements to be qualified dividends. This means instead of being taxed at your brutal ordinary income rate, which could be up to 37%, they are taxed at the preferential 15% or 20% capital gains rate. Because these broad market funds already have built-in tax armor, you don't need to waste your precious limited IRA or Roth shelter space on them.

SPEAKER_01 10:21

You save the shelter for the assets that desperately need it. Which brings us to the highest growth assets in a portfolio. Small cap equities, emerging markets, maybe a highly concentrated stock position from a startup you work for.

SPEAKER_00 10:34

Those go straight into the Roth account. The tax-free vault.

SPEAKER_01 10:37

Right.

SPEAKER_00 10:37

If you have an asset that you believe has explosive upside, something that might double or triple in value over the next decade, the absolute highest and best use of the tax code is to ensure you never pay taxes on that massive future appreciation.

SPEAKER_01 10:53

I have to jump in here and play devil's advocate, though. If I put all my bonds in my IRA and all my aggressive startup stocks in my Roth, my individual accounts are completely lopsided. Yes. Every personal finance book I've ever read says to keep a balanced portfolio, like a 60-40 split to manage risk. Shouldn't I just make sure my brokerage, my IRA, and my Roth are all individually balanced at 6040 to be safe?

SPEAKER_00 11:15

Applying that rule to every single account is actually mistake number one cited by the advisors at Davies Wealth Management. It feels intuitive and it's exactly what standard robo advisors will default to doing, but it destroys your tax efficiency.

SPEAKER_01 11:28

Because I'd end up putting highly taxed bonds into the Roth vault, wasting the space. And putting aggressive growth stocks into the traditional IRA, meaning I'll pay top ordinary income tax rates on all that massive growth later.

SPEAKER_00 11:41

Exactly.

SPEAKER_01 11:42

Yeah.

SPEAKER_00 11:42

You have to stop viewing your accounts in isolation. You have to zoom out and view your portfolio at the household level. Treat all of your accounts as one giant unified pool of money.

SPEAKER_01 11:52

Okay.

SPEAKER_00 11:53

If your overall household target is 60% stocks and 40% bonds, you achieve that by making your IRA 100% bonds, your Roth 100% aggressive growth, and your taxable account a mix of broad market index ones. You still hit your 60-40 risk target overall, but you've surgically mapped the tax location for every single dollar.

SPEAKER_01 12:13

That is such a massive paradigm shift. It's not about making each bucket balanced, it's about making the total household balance while manipulating the different environments in your favor.

SPEAKER_00 12:21

Precisely.

SPEAKER_01 12:22

But a static portfolio is one thing. Life is dynamic. The market moves, people retire. So let's talk about Roth conversions. A lot of affluent investors use conversion ladders in those transition years after they retire, before Social Security or RMDs kick in.

SPEAKER_00 12:36

Right, very common strategy.

SPEAKER_01 12:37

They move money from their traditional IRA to their Roth IRA and pay the tax on it now, assuming their bracket is temporarily lower. But how does asset location tie into this border crossing?

SPEAKER_00 12:48

Here's where it gets really interesting. The secret is that the specific assets you hold in your traditional IRA at the time of the conversion dictate the actual power of the move. When you convert, you are moving a specific asset from the tax-deferred bucket across the border to the tax-free bucket, and you pay tax on its value on the day it crosses.

SPEAKER_01 13:09

Wait, so if I move bonds into a Roth when the market takes a dip and the bond values drop, aren't I just locking in a loss?

SPEAKER_00 13:16

No, because you aren't selling the bonds and taking the money out to spend, you are simply moving the asset to a new tax environment. By converting them when the value is depressed, you are paying taxes on a much smaller footprint. Once they are safely across the border and inside the Roth vault, you can reallocate them into high growth equities. You've effectively smuggled money into the tax-free bucket at steep discount and then set it up for explosive tax-free growth.

SPEAKER_01 13:41

You shrink the footprint of the asset while it crosses the tax border, pay a smaller toll, and then let it expand once it's safely inside the vault. That is brilliant.

SPEAKER_00 13:50

It really is.

SPEAKER_01 13:51

But the sources do issue a major warning here about a trap called IRMA.

SPEAKER_00 13:56

Yeah, IRMAA is dangerous. It stands for the income-related monthly adjustment amount. It is essentially a stealth surcharge on your Medicare premiums, triggered if your modified adjusted gross income crosses certain thresholds. The mechanism here is a two-year look back.

SPEAKER_01 14:12

A two-year look back.

SPEAKER_00 14:14

Yeah, Medicare doesn't look at your income today. They pull your tax return from two years ago to determine your current premiums.

SPEAKER_01 14:20

So if I do a massive Roth conversion today to take advantage of a market dip, it creates a huge spike in my taxable income this year. I might think I got away with it, but two years from now, Medicare pulls that return and slaps me with a massive premium hike.

SPEAKER_00 14:34

Which is why wealth management cannot be done in a vacuum. Your CPA, your financial advisor, and your healthcare planning all have to be synchronized.

SPEAKER_01 14:42

That brings up another vital variable that changes everything. Geography. The Davies Wealth Management team highlights municipal bonds. Explain to the listener why these are naturally tax-free in the first place.

SPEAKER_00 14:54

Municipal bonds are debt issued by local governments, so states, cities, counties to fund public projects like schools, highways, or water systems. Because the federal government wants to incentivize you to lend money for civic infrastructure, they agree not to tax the interest you earn on those bonds at the federal level.

SPEAKER_01 15:14

So obviously these go into the open field, the taxable account, because they already wear their own tax-free raincoat. Right. Splitting a municipal bond in a traditional IRA would be a disaster. You take a naturally tax-exempt asset, put it in the rented greenhouse, and when you withdraw it, it gets taxed as ordinary income. You literally turn tax-free money into taxable money.

SPEAKER_00 15:33

It's one of the worst mistakes you can make. But the state you live in changes the math dramatically. In a high-tax state like California or New York, buying in-state municipal bonds is incredibly valuable because they are double tax-free, exempt from both federal and state income taxes.

SPEAKER_01 15:49

But Davies Wealth Management is based in Florida, and Florida has zero state income tax. You're already shielded from state tax just by living there.

SPEAKER_00 15:57

So for a Florida resident, buying an out-of-state municipal bond to get a state tax exemption you don't even need might actually offer a worse aftertax yield than simply buying a standard higher yielding corporate bond and keeping it sheltered inside your traditional IRA.

SPEAKER_01 16:12

Ah, I see.

SPEAKER_00 16:13

The regional nuance is critical. What works perfectly for a CEO in Manhattan might be completely suboptimal for a retiree in Stewart, Florida.

SPEAKER_01 16:21

Okay, so we've built this beautiful, highly optimized machine. We've got our bonds in the IRA, our broad market in the taxable, our high growth in the Rothball. But a machine doesn't just run forever without maintenance. Markets drift.

SPEAKER_00 16:33

They do.

SPEAKER_01 16:33

And this brings us to mistake number two from the research: how people handle rebalancing.

SPEAKER_00 16:39

Let's say the stock market has an incredible run. Your broad market equities in your taxable account surge in value. Suddenly, your carefully mapped household portfolio has drifted from your 60-40 target to, say, 75% stocks and 25% bonds. You need to rebalance to manage your risk.

SPEAKER_01 16:56

If I log into my standard taxable brokerage account and click a button to sell stocks and buy bonds to get back to 6040, what happens?

SPEAKER_00 17:02

The moment you click sell, an invisible tax form is generated. You have just triggered a realized capital gain on all the appreciation those stocks had.

SPEAKER_01 17:16

So the pro move is to leave the open field alone. If my overall household portfolio is off balance, I go into my tax-advantaged accounts, my traditional IRA or my Roth IRA, and I make the trades there.

SPEAKER_00 17:28

Exactly. Inside the IRA or Roth, you can buy and sell, shift from stocks to bonds all day long, and it triggers absolutely zero media tax consequences. You adjust the internal dials inside the sheltered environments to bring the entire household portfolio back into alignment without ever generating a 1099 for capital gains.

SPEAKER_01 17:45

That is so simple but so easy to get wrong.

SPEAKER_00 17:47

Very easy.

SPEAKER_01 17:48

And this leads us to the final and perhaps most impactful piece of the puzzle. Because asset location isn't just about what happens while you are alive. The choices you make about where your assets live dictate exactly what happens when you pass them on to your kids. The source material refers to this as the step up in basis.

SPEAKER_00 18:07

If we connect this to the bigger picture, this is huge.

SPEAKER_01 18:09

Why is this the linchpin of tax-efficient estate planning?

SPEAKER_00 18:13

Let's walk through the physical mechanics of it. Say you bought a block of index funds in your taxable account 20 years ago for $100,000. Today, you pass away and it's worth a million dollars. If you had sold it the day before you died, you would owe capital gains tax on that $900,000 of profit.

SPEAKER_01 18:31

A massive chunk of the wealth gone.

SPEAKER_00 18:33

But the current tax code has a provision for assets held in a taxable account. When your children inherit that account, the IRS stepped up the cost basis to the fair market value on the day you died.

SPEAKER_01 18:43

So for my kids, the IRS treats it as if they bought it that very day for a million dollars.

SPEAKER_00 18:48

If they sell it the following week for a million dollars, they owe absolutely zero capital gains tax. That entire $900,000 of embedded tax liability just vanishes into thin air. It is wiped off the books.

SPEAKER_01 19:01

But what if I, you know, what if I made a location mistake? What if I held that exact same high growth asset inside my traditional IRA instead?

SPEAKER_00 19:08

If you hold it in a traditional IRA, the step up in basis does not apply.

SPEAKER_01 19:12

Wow.

SPEAKER_00 19:13

The IRS views that account as money that hasn't been taxed yet. When your heirs inherit a traditional IRA under current rules, they generally have to empty that account within 10 years. Every dollar they pull out is stacked on top of their own income and taxed at their ordinary income tax rates.

SPEAKER_01 19:28

And if my kids are in their 40s or 50s in their peak earning years, inheriting that IRA might push them into the highest tax bracket possible. I've taken an asset that could have been passed on completely tax-free in the open field, and by hiding it in the rented greenhouse, I've turned it into a massive tax burden.

SPEAKER_00 19:44

You've fundamentally altered the trajectory of your family's generational wealth simply by using the wrong bucket. And the research stresses that this gets exponentially more complicated the moment you introduce trusts into the equation.

SPEAKER_01 19:56

Things like irrevocable trusts, charitable remainder trusts, or CRTs and donor-advised funds. People use these tools to protect assets or plan for charity, but how does the tax location map change?

SPEAKER_00 20:09

The problem is how aggressively trust tax brackets compress compared to individual brackets. The government doesn't want wealthy people hiding all their personal income in trusts just to get a lower tax rate, so they penalize retained trust income. For a married couple, you don't hit the top 37% federal bracket until your income is roughly over $730,000. Do you know when an irrevocable trust hits that exact same 37% bracket?

SPEAKER_01 20:34

Um, I'm guessing much faster.

SPEAKER_00 20:35

At just over $15,000 of retained income.

SPEAKER_01 20:38

Wait, $15,000? That's nothing.

SPEAKER_00 20:40

It is remarkably fast. If you place a high-yield bond portfolio inside an irrevocable trust, it is going to generate income that gets taxed at the absolute highest federal rate almost immediately. This is why tools like CRTs, which provide an income stream while eventually donating the remainder to charity or donor-advised funds require extreme precision. You cannot map this out on a napkin. Your financial advisor, your CPA, and your estate attorney all need to be looking at the exact same blueprint.

SPEAKER_01 21:11

We have covered a tremendous amount of ground today. We've mapped the open field, the rented greenhouse, and the tax-free vault. So what does this all mean? To summarize the raw value of doing all this correctly, research from Vanguard and Morningstar proves that executing tax smart asset location can add between 0.5% to 1.5% in annual after-tax returns. If you have a $2 million portfolio, adding just 1% to your net return, compounding over 15 or 20 years of retirement, isn't just a nice little bonus. It is transformational wealth.

SPEAKER_00 21:38

It is the difference between simply leaving an inheritance and establishing a multi-generational legacy. It is capturing the wealth that is rightfully yours instead of leaking it through inefficiency.

SPEAKER_01 21:50

And if you are listening to this and wondering if your own accounts are organized correctly, or if you're accidentally leaking returns through tax drag, the Davies Wealth Management team has some great resources. They offer a two-minute financial wellness quiz on their site that helps identify these exact planning gaps. They also have a free, complete Florida retirement guide tailored to Treasure Coast retirees, which covers all the regional nuances like the municipal bond math we discussed.

SPEAKER_00 22:18

Taking a look under the hood of your portfolio is the mandatory first step. You have to know where the friction is before you can eliminate it.

SPEAKER_01 22:25

Which brings us right back to our engine. We started this deep dive talking about friction, the invisible resistance that robs your wealth of its momentum. By mastering asset location, you are essentially providing the highest grade synthetic oil to your financial engine. You are allowing it to run smoothly, powerfully, and without unnecessary loss. But I want to leave you with one final provocative thought to chew on. We have spent this entire deep dive optimizing asset location based on today's tax laws. But taxes are written in pencil, not pen. What if you were to structure your asset location not just for the current code, but as a deliberate calculated hedge against the very real possibility that ordinary income tax rates could drastically increase in your lifetime? How would that change the map of where your money lives today? Something to think about. Thanks for joining us on the deep dive.