Advisors are now able to combine LifeYield’s tax-smart optimization with the award-winning Tamarac Portfolio Management suite to drive better financial outcomes for their clients
CHICAGO – October 24, 2018 – Envestnet | Tamarac (www.tamaracinc.com) announced a new integration with LifeYield on its Tamarac platform and client portal that will help advisors minimize their clients’ taxes and maximize their after-tax returns. The integration uses the Tamarac open API to integrate Tamarac information into LifeYield’s software, which provides financial analytics for tax efficiency.
“RIAs using both Tamarac and LifeYield products will be able to improve their clients’ financial outcomes and generate more business with innovative tax optimization,” said Andina Anderson, managing director, client relations at Envestnet | Tamarac. “We will continue to work with our partners through our open API to create more seamless opportunities for RIAs to improve their clients’ experiences and enhance their financial wellness.”
LifeYield is a financial software company (the “Company”) that creates tax-smart solutions for investing and asset management. The Company is led by financial industry and technology innovators with a long history of helping financial advisors leverage cutting edge, multi-account, tax-smart portfolio software. The Company’s Taxficient Score™ helps advisors quantify the financial benefits of improved asset location in dollars and cents over 10, 15 or 20 year periods. As an example, a $1 million household with a 50% bonds/50% equity allocation would realize after-tax improved results as follows: $159,000 improvement over the first 10 years; $325,000 over 15 years; and, $590,000 over 20 years.
“The next frontier for financial services is where investment products, different accounts, advisor tools and platforms are coordinated and optimized to improve investor outcomes,” said Mark Hoffman, LifeYield CEO. “LifeYield’s Taxficient Score powered by Tamarac’s award-winning platform enables advisors to communicate the value of tax-smart household management and improved after-tax returns.”
The new integration will increase efficiencies for RIAs allowing for coordination of accounts and households across both platforms. Households with multiple accounts using the Tamarac platform alongside LifeYield solutions can benefit from integration of seamless analytics and tax optimization reports based on their household membership, holdings, and asset location.
“The integration between Tamarac and LifeYield allows us to quickly communicate the value of tax-efficient planning to our clients, illustrating the tax-aware view of their entire portfolio and showing them how we can improve this benchmark over time as we rebalance using Tamarac,” said John Youngs, Partner and Chief Compliance Officer at Youngs Advisory Group.