For Bill Walsh, there isn’t much room in a retail investor’s municipal bond portfolio for volatility or variability. Even though his individual clients’ incomes may ebb and flow and their tax rates may rise and fall, their tax-free portfolios should remain as stable and sound as possible, according to the president of Hennion & Walsh Inc.

That’s why in his 23 years as chief executive officer of the Parisippany, N.J.-based wealth manager he has advocated a  buy-and-hold strategy for investing in tax-free bonds  for the mom and pop clients heading for retirement who make up an increasing share of his customer base.

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