portfolio-rebalance

SKILL.md 节选

# Portfolio Rebalance

## Workflow

### Step 1: Current State

For each account, capture:
- Account type (taxable, IRA, Roth, 401k)
- Holdings with current market value
- Cost basis (for taxable accounts)
- Unrealized gains/losses per position

### Step 2: Drift Analysis

Compare current allocation to IPS targets:

| Asset Class | Target % | Current % | Drift | $ Over/Under |
|------------|----------|-----------|-------|-------------|
| US Large Cap Equity | | | | |
| US Small/Mid Cap | | | | |
| International Developed | | | | |
| Emerging Markets | | | | |
| Investment Grade Bonds | | | | |
| High Yield / Credit | | | | |
| TIPS / Inflation Protected | | | | |
| Alternatives | | | | |
| Cash | | | | |

Flag positions exceeding the rebalancing band (typically ±3-5%).

### Step 3: Trade Recommendations

Generate trades to bring allocation back to target:

**Tax-Aware Rebalancing Rules:**
- Prefer rebalancing in tax-advantaged accounts (IRA, Roth) first — no tax consequences
- In taxable accounts, avoid selling positions with large short-term gains
- Harvest losses where possible while rebalancing
- Watch for wash sale rules (30-day window) across all accounts
- Consider directing new contributions to underweight asset classes instead of trading

**Trade List:**

| Account | Action | Security | Shares/$ | Reason | Tax Impact |
|---------|--------|----------|----------|--------|-----------|
| | Buy/Sell | | | Rebalance / TLH | ST gain / LT gain / Loss |

### Step 4: Asset Location Review

Optimize which assets are held in which account types:
- **Tax-deferred (IRA/401k)**: Bonds, REITs, high-turnover funds (highest tax drag)
- **Roth**: Highest expected growth assets (tax-free growth)
- **Taxable**: Tax-efficient equity (index funds, ETFs, munis), tax-loss harvesting candidates

### Step 5: Implementation

- Total trades by account
- Estimated transaction costs
- Estimated tax impact (realized gains/losses)
- Net effect on allocation drift

### Step 6: Output

- Drift analysis table
- Recommended trade list (Excel)
- Tax impact summary
- Before/after allocation comparison

## Important Notes

- Don't rebalance for rebalancing's sake — small drift within bands is fine
- Tax costs can outweigh rebalancing benefits in taxable accounts — calculate the breakeven
- Consider pending cash flows (contributions, withdrawals, RMDs) before trading
- Check for any client-specific restrictions (ESG, concentrated stock, lockups)
- Document rationale for every trade for compliance records
- Wash sale rules apply across accounts — coordinate trades across the household

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