That is one way - called Weldon shank or sidelock. See 141259041047 & substitute the spindle taper you require as an example.
We tend to use ER collet chucks at work, but be aware that these lack positive axial location & the cutter can pull out at higher loadings. I use Morse taper collets direct into the spindle of my Emco FB2 clone at home.
Also available are hydraulic collet chucks & shrink fit holders, where the holder bore is interference fit on the cutter shank & is heated up using a specialist induction heater to fit or remove the cutter. Both types are seriously expensive !