Custom Indexing
Custom indexing goes beyond traditional direct indexing by allowing investors to create entirely new, personalized portfolios rather than just modifying existing indices. This approach combines passive and active management strategies while maintaining systematic, rules-based investing principles.
Table
of
Contents
Table of Contents
Custom indexing and direct indexing represent two powerful approaches to personalized portfolio management, with custom indexing emerging as the next frontier in investment innovation. While direct indexing focuses on replicating existing indices through individual security ownership, custom indexing takes personalization further by allowing investors to build completely tailored portfolios from the ground up. Through custom indexing, investors gain unprecedented control over their investments, enabling sophisticated tax-loss harvesting, thematic integration, and factor targeting that goes beyond traditional direct indexing capabilities. This 2025 guide explores how custom indexing builds upon direct indexing’s foundation to deliver enhanced portfolio customization, examining the key features that set these two indexing strategies apart. As more investors seek personalized solutions, understanding the distinction between custom indexing and direct indexing becomes crucial for making informed investment decisions.
What Is Custom Indexing?
Custom indexing is a sophisticated investment approach that combines the broad market exposure of traditional indexing with personalized portfolio management. Instead of buying shares in a pooled investment fund, investors directly own individual stocks that track a market index while maintaining the flexibility to customize their holdings based on personal preferences, values, or investment goals. This direct ownership structure enables investors to exercise shareholder voting rights and receive dividends straight from companies.
What sets custom indexing apart from traditional investment vehicles is its powerful combination of customization and tax optimization capabilities. Through advanced technology, investors can modify index compositions, adjust individual stock weightings, and implement year-round tax-loss harvesting strategies to potentially enhance after-tax returns. For example, investors can emphasize specific sectors, align their portfolios with thematic trends like clean energy, or exclude companies that don’t match their values – all while maintaining broad market exposure.
While custom indexing offers compelling advantages in terms of flexibility and tax efficiency, it’s important to understand that this approach typically requires a higher minimum investment and more sophisticated portfolio management than traditional index funds or ETFs. The increased complexity and need for active oversight often result in higher fees and trading costs, making it particularly well-suited for investors who have substantial assets and value personalized portfolio management. Despite these considerations, custom indexing represents an innovative solution for investors seeking to combine the benefits of index investing with individual portfolio customization.
Custom Indexing vs. Direct Indexing
While both custom and direct indexing allow investors to personalize their portfolios, they differ in their fundamental approach: custom indexing creates modified versions of existing indices based on investor preferences and constraints, combining passive and active management strategies, whereas direct indexing involves purchasing the individual securities within an index directly rather than through intermediary vehicles like ETFs or mutual funds, enabling more precise tax management and direct ownership of the underlying assets. Simply put, while direct indexing involves purchasing individual securities to replicate and customize an index’s holdings, custom indexing takes a broader approach by allowing investors to create entirely new, personalized portfolios that may significantly deviate from the original index while still using it as a benchmark.
History of Direct Indexing
The evolution of direct indexing reflects broader shifts in investment management and technology. While John Bogle pioneered index investing in 1975 with the first mutual fund tracking the S&P 500, direct indexing emerged in the 1990s as a sophisticated strategy initially reserved for ultra-high-net-worth investors. This limited accessibility was due to the high trading costs and technological requirements needed to manage hundreds of individual securities.
The strategy’s transformation occurred in distinct phases: First, in the 1990s and early 2000s, it was exclusively used by institutional investors and family offices through separately managed accounts (SMAs). Then, during the 2010s, advancing technology and reduced trading costs made it accessible to a broader segment of high-net-worth individuals, primarily for tax-loss harvesting opportunities. The real breakthrough came in the 2020s, when the combination of commission-free trading, fractional shares, and sophisticated portfolio management software democratized direct indexing for retail investors.
This democratization laid the groundwork for custom indexing, which emerged as a more flexible evolution of direct indexing, allowing investors not just to replicate and modify existing indices, but to create personalized investment strategies that could better align with their specific goals and values while maintaining the benefits of systematic, index-based investing.
History of Custom Indexing
Custom indexing is a relatively recent innovation in the investment management landscape, emerging in the late 2000s as a natural evolution of both direct indexing and factor investing. The strategy gained significant momentum in the mid-2010s as enhanced computing power and sophisticated portfolio optimization tools made it possible to efficiently manage highly personalized portfolios at scale. The real breakthrough for custom indexing came in the late 2010s when new financial technology platforms launched allowing them to create and manage bespoke indices based on individual investor preferences. This coincided with growing investor interest in ESG (Environmental, Social, and Governance) investing, which demanded more nuanced portfolio construction approaches than traditional index funds could offer.
The industry reached a turning point in the early 2020s when major financial institutions began acquiring custom indexing platforms. These moves signaled the mainstream adoption of custom indexing and led to increased accessibility of the strategy for a broader range of investors, though it still typically requires higher minimum investments than traditional index funds.
Today, custom indexing continues to evolve with advances in artificial intelligence and machine learning, enabling even more sophisticated portfolio customization while maintaining the systematic, rules-based approach that makes indexing attractive to investors.
• TSG VAULT IS LIVE
your investing partner
Wealth Management – Estate Planning – Tax Strategies – Insurance – Private Markets
Connected, Coordinated, and built around you
Key Differences Between Custom Indexing and Direct Indexing
Direct and custom indexing represent distinct approaches to personalized portfolio management, each serving different investment objectives. Direct indexing focuses primarily on replicating an existing index by purchasing its individual component securities, allowing investors to maintain the index’s core characteristics while enabling tax-loss harvesting and some basic customization like excluding specific sectors or stocks.
Custom indexing, on the other hand, takes a more comprehensive approach to portfolio construction. Rather than simply replicating an existing index, it allows investors to create entirely new, personalized investment strategies that may significantly deviate from traditional indices. This might involve combining multiple indices, implementing sophisticated factor tilts, or incorporating specific ESG criteria. The methodology behind custom indexing is typically more complex, often employing advanced portfolio optimization techniques to balance multiple objectives simultaneously. The flexibility between the two approaches also differs significantly. While direct indexing allows for some modifications to an existing index, its primary goal is to track that index’s performance as closely as possible while offering tax advantages. Custom indexing has no such constraints – investors can create strategies that blend various investment styles, factors, and themes while still maintaining a systematic, rules-based approach to portfolio management.
- One example is considering the application of ESG preferences: In direct indexing, an investor might exclude a handful of companies from an existing index based on basic ESG criteria. With custom indexing, the same investor could create an entirely new portfolio strategy that not only screens for ESG factors but also tilts toward companies with improving ESG scores, weights holdings based on carbon intensity, and incorporates specific impact investing themes – all while maintaining desired exposure to various market factors.
- Another example is considering the application of emerging technology preferences: In direct indexing, an investor might exclude traditional tech companies from an existing index to focus on specific innovations like artificial intelligence. With custom indexing, the same investor could create an entirely new portfolio strategy that not only screens for AI capabilities but also tilts toward companies with growing R&D investment in quantum computing, weights holdings based on patent portfolios, and incorporates specific digital transformation themes like edge computing and cybersecurity – all while maintaining desired exposure to various market factors.
How Custom Indexing Works
Custom indexing is a systematic approach to building personalized investment portfolios that combines elements of both passive and active management. The process begins with understanding an investor’s specific goals, constraints, and preferences through detailed consultation. These might include tax considerations, ESG priorities, or sector preferences.
The portfolio construction process starts by selecting one or more benchmark indices as a foundation. For example, an investor might begin with the S&P 500 as their base index. From there, the portfolio undergoes several layers of customization:
1. Initial Client Consultation
– Assess investment goals and risk tolerance
– Identify specific preferences (ESG, sectors, factors)
– Determine tax considerations and constraints
– Set performance expectations and tracking error limits
2. Benchmark Selection and Portfolio Design
– Choose primary benchmark index (e.g., S&P 500)
– Identify any secondary indices for blending
– Define allowed tracking error from benchmark
– Establish rebalancing parameters
3. Customization Layer Implementation
– Apply exclusion screens (e.g., remove unwanted sectors)
– Implement factor tilts (e.g., value, momentum, quality)
– Add thematic overlays (e.g., clean energy emphasis)
– Set individual security constraints
4. Portfolio Optimization
– Calculate optimal security weights
– Balance factor exposures and risk metrics
– Ensure sector and industry diversification
– Minimize tracking error to benchmark
– Account for tax considerations
5. Initial Portfolio Construction
– Execute trades to build desired positions
– Use fractional shares for precise weighting
– Phase in positions if needed for large portfolios
– Implement tax-aware trading strategies
6. Ongoing Management
– Monitor portfolio drift and tracking error
– Identify tax-loss harvesting opportunities
– Process corporate actions (dividends, splits, mergers)
– Analyze factor exposures and risk metrics
– Rebalance as needed to maintain objectives
7. Regular Review and Adjustment
– Calculate optimal security weights
– Balance factor exposures and risk metrics
– Ensure sector and industry diversification
– Minimize tracking error to benchmark
– Account for tax considerations
8. Reporting and Communication
– Generate regular performance reports
– Track tax savings from harvesting
– Document portfolio changes and rationale
– Review ESG and factor exposures
– Provide benchmark comparison analysis
Advantages and Limitations of Custom Indexing
Custom indexing has evolved beyond serving only sophisticated investors, showing potential to benefit a diverse range of investment needs. As technological advances drive down minimum investment requirements, this strategy becomes increasingly accessible to investors seeking tailored portfolio solutions that match their specific financial objectives, tax considerations, and investment preferences. While custom indexing offers powerful benefits through personalization and tax optimization, investors must weigh these advantages against the strategy’s complexity and cost structure.
Success with custom indexing ultimately depends on how well it aligns with an individual’s financial situation and goals – making professional guidance valuable when considering this approach.
Who Should Consider Custom Indexing
While custom indexing offers powerful portfolio customization benefits, investors should consider its key limitations as well:
Custom indexing strategies typically benefit several distinct types of investors:
- High-Net-Worth Individuals: Those with portfolios exceeding $500,000 who want personalized tax optimization and can benefit from sophisticated tax-loss harvesting strategies.
- Thematic Investors: People who want to align their investments with specific investing themes such as environmental, social, or governance while maintaining broad market exposure. They can exclude certain industries or overweight companies that match their values.
- Tax-Sensitive Investors: Individuals in high tax brackets who want to minimize their tax burden through strategic loss harvesting and tax-lot management, particularly those with concentrated stock positions they need to diversify tax-efficiently.
- Factor Investors: Sophisticated investors who want to tilt their portfolios toward specific factors like value, momentum, or quality while maintaining core market exposure.
- Business Owners or Executives: Those with concentrated positions in their company stock who need to diversify while managing tax implications and maintaining specific industry exposures.
- Multi-Generation Families: Those managing intergenerational wealth transfer who can benefit from the tax efficiency and customization options for estate planning purposes.
Custom indexing has evolved beyond serving only sophisticated investors, showing potential to benefit a diverse range of investment needs. As technological advances drive down minimum investment requirements, this strategy becomes increasingly accessible to investors seeking tailored portfolio solutions that match their specific financial objectives, tax considerations, and investment preferences. While custom indexing offers powerful benefits through personalization and tax optimization, investors must weigh these advantages against the strategy’s complexity and cost structure. Success with custom indexing ultimately depends on how well it aligns with an individual’s financial situation and goals – making professional guidance valuable when considering this approach.
• TSG VAULT IS LIVE
your investing partner
Wealth Management – Estate Planning – Tax Strategies – Insurance – Private Markets
Connected, Coordinated, and built around you
When To Use Custom Indexing?
Custom indexing offers compelling advantages for investors in specific situations. While the strategy can benefit many types of portfolios, certain scenarios make it particularly valuable for investors seeking greater control and customization of their investments:
You Want Greater Investment Control
Unlike mutual funds or ETFs that offer pre-selected security baskets, custom indexing puts you in control of exactly what you own. You can precisely adjust sector weightings to match your market outlook, such as reducing exposure to pharmaceuticals while increasing energy holdings if that aligns with your investment thesis. This direct ownership of individual securities gives you complete control over your portfolio’s composition rather than accepting a standardized approach.
You Need Concentrated Position Management
Custom indexing is particularly valuable when managing employer stock or significant holdings in specific companies. Rather than inadvertently doubling up on exposure you already have through concentrated positions, this approach lets you build a truly diversified portfolio that complements your existing holdings. Instead of amplifying concentration risk, you can strategically construct a portfolio that provides genuine diversification around your core positions.
You Seek Advanced Tax Management
Through direct security ownership, custom indexing offers sophisticated tax-loss harvesting opportunities that aren’t available with pooled investments. You can strategically sell specific positions to offset capital gains and maintain greater control over your tax situation. This approach is particularly beneficial for high-income investors where tax efficiency can significantly impact overall returns, allowing for precise tax management throughout the year.
You Want to Optimize Charitable Giving
Direct ownership enables efficient stock donations to charitable organizations, creating dual benefits of charitable deductions and capital gains tax avoidance. With custom indexing, you have precise control over which appreciated securities to donate, providing flexibility in managing both your philanthropic goals and tax efficiency. This level of control isn’t possible with traditional mutual funds or ETFs.
You Value Direct Ownership Benefits
With custom indexing, you receive 100% of company dividend payments directly rather than through a pooled structure. This direct ownership provides better control over investment returns and distributions, potentially improving tax efficiency through individual security ownership. It also offers greater transparency in your investment holdings, allowing you to know exactly what you own at all times.
Remember that custom indexing typically requires higher minimum investments and may involve greater costs than traditional investment vehicles, making it most suitable for investors with substantial portfolios who can benefit from its advanced features.
• TSG VAULT IS LIVE
your investing partner
Wealth Management – Estate Planning – Tax Strategies – Insurance – Private Markets
Connected, Coordinated, and built around you
Key Considerations For Custom Indexing
Market volatility is inevitable, but your investment returns don’t have to follow every market swing. Think of strategic hedging as installing shock absorbers on your financial vehicle – it helps smooth out the bumps while keeping you firmly on course toward your investment goals. However, like any investment strategy, hedging comes with its own set of trade-offs that require careful consideration.
Cost Structure and Minimum Requirements
Custom indexing typically requires a significant initial investment, usually starting at $100,000 to $250,000, reflecting the complexity of managing individual securities. The fee structure includes management fees (0.15% to 0.35%), platform fees for technology and administration (0.05% to 0.15%), and trading costs. While these fees are higher than typical ETFs, they may be offset by tax benefits and customization advantages.
Technology and Platform Infrastructure
Successful implementation requires sophisticated technology platforms that can handle portfolio optimization, real-time trading, tax-loss harvesting, and comprehensive reporting. These systems must efficiently manage fractional shares and automate complex rebalancing processes. Leading providers like Parametric and Canvas have developed robust platforms to handle these requirements.
Rebalancing and Portfolio Management
Custom indexed portfolios require systematic rebalancing to maintain desired exposures and characteristics. This typically occurs quarterly or when portfolios drift beyond set thresholds. The process must balance multiple objectives: maintaining desired exposures, minimizing tracking error, optimizing tax efficiency, and handling corporate actions like mergers or spin-offs.
Tax Management Considerations
Tax implications are a crucial aspect of custom indexing. The strategy enables sophisticated tax-loss harvesting opportunities throughout the year, potentially improving after-tax returns compared to mutual funds. However, this requires careful attention to wash sale rules and strategic timing of capital gains realization. The ability to control tax impacts makes custom indexing particularly valuable for high-tax-bracket investors.
Ongoing Monitoring and Adjustment Success with custom indexing requires regular monitoring and adjustment of the strategy. This includes tracking performance against benchmarks, evaluating tax efficiency, ensuring alignment with investment objectives, and making necessary adjustments as market conditions or investor circumstances change. Regular review and rebalancing help maintain the strategy’s effectiveness while maximizing its benefits.
Custom Indexing Performance
Custom indexing may demonstrate several advantages over traditional investment approaches. Data shows custom indexing may outperform through tax efficiency and personalized strategy integration. After-tax annual returns show a 1-2% improvement compared to traditional index funds, according to Parametric Portfolio Associates’ research, while Morningstar’s 2023 study confirms tax-efficient portfolios outperformed ETFs by 0.50-1% annually after taxes.
In terms of tax efficiency, custom indexing may generate substantial benefits. Aperio Group’s research demonstrates annual tax alpha ranging from 1.08% to 1.54%, varying with tax brackets and market conditions. This translates to practical benefits – for instance, a portfolio generating $10,000 in tax losses annually would save $2,400 for investors in the 24% tax bracket.
“ Given long and short-term capital gains tax rates of 15% and 35% respectively, we find that a tax-loss harvesting strategy yields a tax alpha of 1.08% per year from 1926 to 2018.”
– An Empirical Evaluation of Tax-Loss Harvesting Alpha by Shomesh E. Chaudhuri, Terence C. Burnham & Andrew W. Lo
According to research published in the Financial Analysts Journal, implementing a tax-loss harvesting strategy has been shown to generate meaningful tax alpha each year. Specifically, a study by Chaudhuri, Burnham, and Lo analyzed returns from 1926 to 2018 and demonstrated that when applying long-term capital gains tax rates of 15% and short-term rates of 35%, tax-loss harvesting produced an annual tax alpha of 1.10%. However, the annualized returns are impacted by the wash sale rule, whether it is constrained or unconstrained.
Learn more about Tax-Loss Harvesting, another one of our investment solutions.
The Future Outlook of Custom Indexing
Custom indexing is undergoing a dramatic evolution from its institutional roots to broader accessibility, driven by commission-free trading and advanced portfolio management technology. The democratization of this investment approach has created comprehensive solutions offering precise tax management and complete portfolio customization with professional oversight.
Industry trends show expansion beyond equities, integration of AI and machine learning, and increasing personalization.
Technological advances include improved optimization algorithms, fractional share trading, and potential blockchain integration. The SEC is evaluating regulatory frameworks, focusing on transparency requirements and standardization of performance reporting.
S&P Dow Jones expects growth in custom and direct indexing AUM to reach $1.1 trillion by 2028 . This growth is fueled by demand for personalization and ESG-aligned investments, while continuing technological advances enhance optimization capabilities. With improved accessibility and sustained investor interest, custom indexing is positioned to become a cornerstone of modern investment management.
• TSG VAULT IS LIVE
your investing partner
Wealth Management – Estate Planning – Tax Strategies – Insurance – Private Markets
Connected, Coordinated, and built around you
Frequently Asked Questions
How do I create a custom stock market index?
Creating a custom stock market index involves selecting a specific group of stocks and determining their relative weights based on your investment criteria and objectives. Through custom indexing, you can choose stocks based on factors like market capitalization, sector, geographic region, or specific themes (such as clean energy or artificial intelligence), and then assign weights to each component either equally or based on criteria like market value, revenue, or other fundamental metrics. Custom indexing offers significant flexibility by allowing you to modify your index composition and weighting methodology to align with your specific investment goals. You can implement screens to exclude companies that don’t meet certain investment criteria, adjust sector allocations to match your market outlook, or overweight stocks with characteristics you believe will outperform. Modern investment platforms and financial advisors can help implement and maintain these custom indices, handling the necessary rebalancing and adjustments over time to maintain your desired exposure.
What is Factor investing?
What is factor investing? Factor investing is an investment strategy that targets specific characteristics of securities that have historically led to higher returns. How does factor investing work? It focuses on characteristics known as “factors,” which include value (buying underpriced assets), size (investing in smaller companies), momentum (following market trends), quality (focusing on financially healthy companies), and low volatility (seeking more stable investments). Investors can access these factors through ETFs, mutual funds, or direct stock selection. While factor investing aims to outperform the market and improve diversification, it requires patience as factors can underperform during certain market cycles.
What is a Separately Managed account?
A separately managed account (SMA) is like having your own personal investment portfolio where a professional manager buys and sells individual stocks and bonds on your behalf, rather than pooling your money with other investors like in a mutual fund. Think of it this way: If investing in a mutual fund is like ordering from a set menu at a restaurant where everyone gets the same dishes, an SMA is like having a personal chef who cooks specifically for you, taking into account your dietary preferences and restrictions.
SMAs offer several distinct advantages. As an SMA investor, you directly own the individual securities rather than shares of a fund, giving you more control over your investments. You can customize your portfolio based on your preferences, such as excluding certain industries or focusing on specific types of companies. Since you own the individual securities, you also have more control over tax planning, allowing for strategic tax-loss harvesting. However, it’s important to note that SMAs typically require a significant minimum investment, often $100,000 or more, and generally come with higher management fees compared to mutual funds or ETFs.
Who are the best direct indexing providers and custom indexing providers?
Direct and custom indexing have gained significant traction recently, with several providers emerging as market leaders. While many established firms offer personalized indexing solutions, custom indexing typically requires sophisticated technology platforms that are mainly accessible through professional advisors. Direct indexing is generally more straightforward to implement, but custom indexing often demands professional oversight due to its complexity and need for ongoing monitoring. When choosing a direct indexing provider, investors should evaluate minimum investment thresholds, fee structures, customization capabilities, and tax optimization features to ensure alignment with their investment goals.
• TSG VAULT IS LIVE
your investing partner
Wealth Management – Estate Planning – Tax Strategies – Insurance – Private Markets
Connected, Coordinated, and built around you
Important Disclaimer for Investors
The following material is provided by TSG Invest and its affiliates (collectively “TSG Invest” and “our firm”) for informational and educational purposes only. This material does not constitute an offer to sell securities or a solicitation to participate in any trading strategy. Investing inherently involves risk, including the potential loss of principal. Past performance does not guarantee future results, and market conditions can change rapidly. Different investments carry varying levels of risk. While content is compiled from sources believed reliable, TSG Invest cannot guarantee complete accuracy or completeness of information presented. All opinions, forecasts, and projections reflect our views as of the publication date. This material may contain preliminary information and forward-looking statements. Due to various factors, actual events may differ substantially from those presented. TSG Invest assumes no obligation to update forward-looking statements or opinions. TSG Invest, its officers, directors, employees, or clients may hold positions in mentioned securities or investments. Such positions may change at any time without notice. All opinions and market views are subject to change without notice. TSG Invest and its financial advisors do not provide legal, tax, or accounting advice. You should consult with legal and tax advisors before making any financial decisions. This material does not consider individual investment objectives, financial situations, or needs. Furthermore, TSG Invest does not monitor ongoing suitability, provide personalized recommendations without a formal agreement, or determine if content suits individual readers. Receipt of this material does not create an advisory relationship. Professional financial advice is recommended for your specific situation. Investors should carefully review all risks and consider their investment objectives, resources, and risk tolerance before making investment decisions. No assurance can be given that any specific investment or strategy will be profitable or suitable for any specific investor’s portfolio. Asset allocation, rebalancing, and diversification strategies do not guarantee against risk in broadly declining markets. This material is not intended as a recommendation, offer, or solicitation for the purchase or sale of any security or investment strategy. TSG Invest (d/b/a of The Spaventa Group LLC) is not a registered broker-dealer nor investment advisor. TSG Invest refers certain financial services to its affiliated broker-dealer, TSG Capital Advisors LLC (“TSGCA”) (Member FINRA/SIPC), its wholly owned registered investment advisor subsidiary, TSG Alpha Partners LLC (“TSGA”), and its wholly owned insurance agency subsidiary, TSG Insurance Services LLC (“TSGIS”). Financial Planning and Investment Advisory Services offered through TSG Alpha Partners LLC (CRD #319493). Private placements offered through TSG Capital Advisors (CRD #147509), member FINRA, SIPC. Insurance products offered through TSG Insurance Services LLC. TSG Alpha Partners, TSG Capital Advisors, and TSG Insurance Services are affiliated due to common ownership. These affiliates may take positions contrary to those discussed in this material.
Past performance is not indicative of future results. The value of investments can go down as well as up, and you may receive less than your original investment. Investment returns will fluctuate and are subject to market volatility. We do not guarantee any specific level of performance or promise any particular investment outcome. All investments carry inherent risks, and there is no assurance that any investment strategy will be successful. The information provided through our wealth management services is for general informational purposes only and should not be construed as personalized investment, legal, tax, or accounting advice. You should consult with qualified professionals regarding your specific circumstances. All final investment decisions are yours and should be based on your own evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs. We strongly recommend thoroughly reviewing all investment documentation before making any investment. Our wealth management services are subject to applicable laws, regulations, and regulatory requirements. We maintain necessary licenses and registrations as required by relevant authorities. While we strive to ensure the accuracy of all information provided, we make no representations or warranties about the completeness, reliability, or accuracy of this information. Any reliance you place on such information is strictly at your own risk. Market conditions and other factors affecting financial markets are beyond our control. Economic and market conditions may significantly impact investment outcomes. Regular account monitoring and periodic reviews are essential components of wealth management. However, we cannot guarantee continuous monitoring of all market conditions or events that may affect your investments. All applicable fees, charges, and expenses will be clearly disclosed. These costs may impact the overall performance of your investments and should be considered when evaluating investment options. TSG Invest (d/b/a of The Spaventa Group LLC) is not a registered broker-dealer or investment advisor. Services are provided through its affiliates: TSG Capital Advisors LLC (“TSGCA”), a FINRA/SIPC member and registered broker-dealer; TSG Alpha Partners LLC (“TSGA”), a registered investment advisor (CRD #319493); and TSG Insurance Services LLC (“TSGIS”), a licensed insurance agency. Financial planning and investment advisory services are offered through TSGA. Private placements are offered through TSGCA. Insurance products are offered through TSGIS. These entities are affiliated through common ownership.
Wealth Management programs offered through TSG Alpha Partners.