Rebecca Rothstein, who manages $3.8 billion for ultrarich investors, says her firm made a huge shift toward exchange-traded funds in the past year.
Rothstein says her firm, RVR Group — which is part of Bank of America Merrill Lynch — now owns about 90% of its stock through ETFs. That's up from 50% at the end of 2017.
She had been repeatedly ranked as one of the best US wealth advisors for more than a decade, and last year Forbes named her the top woman in her field. But in early 2018, Rothstein and her firm decided they were going to invest in stocks almost exclusively though"We are about 90% ETFs now," she told Business Insider in a phone interview."There are ETFs in almost every asset class.
"Their expense ratios are very, very small," she said."And the tax implications of using ETFs vs individual equities or mutual funds is far better."But moving money into ETFs meant a big move away from individual stocks and mutual funds in a short time. "The tax implications of using ETFs versus individual equities or mutual funds far better," she said."Mutual funds pass out ordinary income in capital gains distributions at the end of every year that are uncontrollable. You don't know what they are."
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