While concerns over portfolio concentration risk in today’s market apply to clients across the board, it can be a particularly tricky situation for those who hold most of their wealth in one or two stocks.

In addition, with SpaceX undergoing a mega-IPO earlier this summer, and Anthropic and OpenAI soon to follow, there is a growing group of early investors and employees of those companies who should join that list. The strategies for helping them reduce concentration risk are manifold—ranging from 351 conversions to exchange funds to options overlays and tax-aware long/short strategies—but they have to be carefully chosen to match the client’s specific holdings, tax situation, liquidity needs and timing concerns, according to…