The Tax Trap That's Costing Your Clients Millions — And the One Tool That Breaks It
Tomorrow at noon ET: A free CFP CE-eligible webinar with Toews on the 351 Exchange — how to diversify concentrated, low-basis positions without triggering a single dollar of capital gains
Tomorrow at noon ET, I’m hosting a free 60-minute webinar with Toews Asset Management on one of the most underutilized tools in modern wealth management — the 351 Exchange. CFP® professionals can earn 1 CE Credit in Investment Planning by attending live.
WHAT IS A 351 EXCHANGE
A 351 Exchange is a tax-deferred mechanism that lets investors contribute appreciated, concentrated stock positions into a newly formed ETF without triggering immediate capital gains. For advisors with clients sitting on outsized winners — Mag 7 names, single-stock employer concentration, low-basis legacy holdings — it is one of the cleanest paths to diversification that doesn’t force a tax event.
But the rules are precise, the structures vary, and the wrong setup can disqualify the entire transaction.
WHO THIS IS FOR
This webinar is built for advisors and CFP® professionals who:
· Have clients with concentrated equity positions they refuse to sell because of embedded gains
· Want to understand exactly which clients qualify for a 351 contribution
· Need to know how to frame the conversation with FOMO-anchored holders of single-stock winners
· Are weighing 351 Exchanges against Exchange Funds and want to understand the tradeoffs
WHAT YOU’LL LEARN
Joining me are Phil Toews, CEO of Toews Asset Management, and Eben Burr, President. Together we’ll walk through:
· The 25/50 diversification requirements and how to structure a compliant contribution
· Tax lot and cost-basis treatment inside the resulting ETF — what carries over, what resets
· How a 351 Exchange differs from an Exchange Fund, and when each is the right tool
· Standard vs Syndicated 351s — when to use which, and what the contribution paperwork looks like
· The difference between a Contribution Agreement and a Letter of Authorization, and the typical 3-week execution timeline
· The behavioral framing that gets concentrated holders to say yes — turning FOMO into action
WHY THIS MATTERS NOW
Concentrated single-stock risk inside advisor books is at multi-decade highs. The same names that drove portfolios for the last cycle are now the source of every “I can’t sell because of taxes” conversation. The 351 Exchange is a structural answer that works at scale — but only if the advisor knows how to position it, qualify it, and execute it cleanly.
That’s what tomorrow is about.
WEBINAR DETAILS
· Date: Tuesday, May 5, 2026
· Time: 12:00 PM – 1:00 PM ET
· Format: Live on Zoom, with audience Q&A
· CE Credit: 1 CFP® CE Credit | Investment Planning (CFP Program ID 349280)
· Cost: Free
· Hosted by: Michael A. Gayed, CFA — The Lead-Lag Report
· Sponsored by: Toews Asset Management
If you have clients sitting on big winners they “can’t” sell, this is the hour that changes the conversation.
See you tomorrow.
— Michael
This webinar is sponsored content. The Lead-Lag Report is a publication of Lead-Lag Media, LLC. Nothing in this post or in the webinar constitutes investment, tax, or legal advice. The 351 Exchange involves complex tax and securities considerations and may not be appropriate for every client. Advisors and clients should consult their own tax and legal counsel before taking any action. Past performance does not guarantee future results.