Enhancements Enable Advisors to Give Deeper Advice so Clients Can Make and Keep More Money Through Tax-Efficient Portfolio Management
BOSTON – July 18, 2018 – LifeYield LLC, the leading cloud-based solution that facilitates tax-smart, risk-smart management of an investor’s entire household portfolio, announced today it has unveiled a fully-updated edition of the LifeYield Advantage Suite software. The updates center around LifeYield’s Taxficient Score®, which quantifies the tax efficiency of a household portfolio by assigning a score between 0 and 100. The new version is available immediately for current and new subscribers.
LifeYield will showcase the updates and their full suite of tax-smart and Social Security optimization software during a July 25th webinar. Find out more and register here.
“LifeYield is the first and only software firm to enable advisors to fully automate the comprehensive management of all the accounts in an investor’s household, which can improve after-tax returns by up to 33%,” said Mark Hoffman, CEO and co-founder of LifeYield. “Advisors can now customize and fine tune the tax-efficiency of client portfolios given each client has different holdings and objectives. Using the LifeYield Taxficient Score, significant tax savings for clients are quantified, and become a core differentiator for advisors. LifeYield continues to build technology to ensure investors make more and keep more by increasing after-tax returns and income. Advisors report the presentation of the Taxficient Score results in a much higher degree of asset consolidation.”
Financial advisors using the LifeYield Advantage Suite can now:
- Recommend Target Household Allocations: Subscribers can set the appropriate target asset allocation for the household and transition from the “current” tax-inefficient, non-coordinated portfolio to the “proposed” tax-smart, risk-smart portfolio optimized for the greatest after-tax return.
- Quantify the Benefit of “Current vs. Proposed”: Advisors can show clients the financial benefit in dollars and cents of proposed changes when all of their accounts are coordinated in a tax-efficient way.
- Customize Client Accounts: The typical household has 5-6 accounts, often managed by different advisors. Now advisors can mark accounts as:
- Held-away – Household portfolio guidance can be provided even if accounts are held by other custodians.
- Locked – Advisors can also lock accounts where the asset location is not changed but is included in the analysis.
- Excluded – Accounts that are not part of a retirement planning process can be removed from consideration such as checking accounts or 529 plans.
- Access Product-Agnostic Smart Mapping: With LifeYield’s new Taxonomy tool, advisors can create custom asset categories and control how ticker symbols are mapped. This will allow them to highlight the unique value they add through LifeYield Tax-Smart Asset Location™.
- View Account-Level Implementation: Detailed reports guide financial advisors on the changes that should be made in each account while still maintaining the target household asset allocation and optimal asset location.
The new version LifeYield’s Advantage Suite software is available immediately for current and new subscribers.