After receiving an inheritance, I have been interviewing FAs. One of the strategies that was offered, with great enthusiasm, was "rebalancing" in terms of TLH in a brokerage account. The term "direct indexing" was never mentioned although, on further research, I believe that this is exactly what is being offered. Since the cost basis was reset on this "legacy" account, and, I realized, to a great extent, the current allocation does follow the indexes. Some tweaking/rebalancing is in order. But continuous selling and buying, under the guise of TLH, didn't make sense to me. However, I couldn't understand why. Your article has clarified this issue for me. Interestingly, the first ten articles that came up in my search were from the firms mentioned at the beginning of the article. Thanks so much for this informative article.