What (if any) are the advantages of the three fund approach vs a target life strategy fund?
The portfolios of both are nearly the same (over 10,000 individual securities).
The Three Fund Portfolio allows you to place tax-IN
efficient Total Bond Market in a tax-advantaged account and tax E
fficient Total Stock Market and Total International in a taxable account for an overall tax-efficient portfolio.
For investors with a single IRA, I recommend the convenience of a Target Fund; otherwise the Three Fund Portfolio is usually superior.