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New Release: A cornucopia of new client engagement goodies for Fall 2020

November 12, 2020 Steve Zuschin By Steve Zuschin

We are so excited to announce several new enhancements to the LifeYield platform.

  1. Firm-Level Subscription Management
  2. Annuity Analysis
  3. Lead Generation Widgets
  4. Income Layer Enhancements
  5. A Menu of New Reports
  6. API Enhancements

Here’s what to know about each enhancement.

New Feature: Firm-Level Subscription Management

The days of calling our offices to add a new subscriber to LifeYield are over! You can now build a firm-wide subscription, add users, and control their features, all from inside your admin account. Contact your relationship manager and they can also provide admin privileges to any of your subscriptions which allows all parties to assist in case prep or collaborate on proposals.

New Feature: Annuity Analysis

It is no secret that our industry has a love-hate relationship with annuities. The insurance industry has worked very hard to innovate on its products and offer fee-only options that can provide some clients with a massive leg up at achieving additional tax deferral. So we created a process in LifeYield that allows you to run a portfolio through our optimization engine to calculate the financial benefit of transitioning non-qualified assets into an annuity.

Why It Matters

Explaining the benefits of tax deferral has long been a theoretical discussion with clients and prospects. This new feature and corresponding report will quantify the benefit to you and your client, helping optimize the optimal amount a client should transfer into an annuity. We will even calculate the expected tax bill from the sales and suggest how to maintain the client’s allocation throughout the process.

New Feature: Lead Generation Widgets

First: What is a widget?Good question! We have spun up some handy tools that you can embed directly on your website which allow your visitors to engage with a lead-generating calculator to uncover potential Social Security and Asset Location benefits. When they fill out the form, we’ll notify you of the lead so you can start the discussion.

Tax Efficiency Widget:

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Social Security Widget:

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Why It Matters

Tax efficiency:
If you aim to work with clients with a higher net worth, Tax Efficiency is undoubtedly a priority for them. Our tools have proven to illustrate the value of tax efficiency to clients and prospects, helping them truly understand how you can help improve their outcomes. This widget gives them a sneak peek into how much Asset Location and tax efficiency is actually worth to them. Once you have the lead, Portfolio Advantage will do the heavy lifting.

Social Security:
Did you know that 88% of the population aren’t clear on what factors determine how much they will likely receive from Social Security when they file? This results in people leaving hundreds of thousands of dollars on the table when they make an uninformed decision. Our Social Security Widget will set the stage for you to “wow” prospects with optimized filing strategies and uncover more opportunities to engage in planning and tax optimization.

Enhancement: Customizable Income Layers

Earlier this year, we introduced Income Layers as a second step to Social Security Advantage®. These are dynamically generated, easy to grasp charts that illustrate where a client’s income will come from through-out their retirement. This feature was a massive hit! So we decided to give you a few more options like customizing the name of each layer, changing the order of the layers, and being able to customize how the asset value is presented.

Why It Matters

These new options will allow you to illustrate the need for – and how much – Life Insurance a client might consider. You can also better illustrate the income that will be provided by a pension, and uncover the gap that might need to be filled.

New Feature: A Menu of New Reports

We are also really excited to introduce several new reports which are designed for specific types of meetings. Here’s a list of what’s new:

  1. Proposal: Use this when you’re meeting with a brand new prospect. It provides a super clean comparison of their current and the proposed asset allocation, calls out the benefits of improving their Taxficient Score®, and highlights some of the steps we can take to move forward.
  2. Held-Away Accounts: I know, you manage every account that all of your clients have. But if you find yourself in a situation where you are only managing a portion of a client’s assets and need to show them why they should transfer all of them to you, this is the report to use. It’s simple, just flag the accounts you aren’t managing as “held-away” in LifeYield, then run the Held-away report. We will quantify the benefit in both a Taxficient Score and in dollars so you can show your client the impact of coordinating this held-away account with everything else.
  3. Client Review: This report is intended to be short and to the point. What is the client’s current Household Asset Allocation? What is their Taxficient Score? And how much advisor alpha can be credited to tax efficiency? Using the client review report will open opportunities to start speaking with clients about the benefits of household-level management.
  4. Social Security: We updated the design and layout of our Social Security reports so that it is much easier to present a comparison. This new layout maximizes the space on a page so you can see your scenario’s cash flows, income layers, and asset balances side by side. It’s a really awesome report and we’re sure you and your clients will love it.

Why It Matters

At LifeYield we want to offer cutting-edge, beautifully designed, thoughtful software that helps the financial services professionals we partner with improve and communicate value to investors. We also acknowledge that the PDF is far from the end of its life. Paper is still an important part of our presentations and we wanted to make sure that – whether you use our application interactively over zoom or print a PDF – you are proud of what you’re presenting and have confidence in us as your partner.

Enhancement: New API End Points and Capability added to the library

For all our partners that are leveraging the LifeYield API’s to enhance their Householding capabilities, we just added some new functionality to solve some of the age-old problems that have plagued our industry. These new endpoints can help you utilize LifeYield as an overlay to your current trading platforms and truly implement smart householding regardless of how the assets are invested and being managed.This means that if your advisors are mixing and matching clients’ accounts where some have models – others are in SMA’s or UMA’s – and still, others are traded with full discretion, we can guide implementation and rebalancing to optimize the household for asset location.Multiple OMS’s? No problem.Using single account rebalancing for some of the accounts in your portfolio? We got you.It’s time to step into the future and offer householding to all your clients.You can review more details about our APIs, as well as our API documentation here.

Steve is the EVP of Advisor Success at LifeYield. He's responsible for leading our Direct-to-Advisor channel and always keeps up on the latest advisor technology. Steve writes about how advisors can grow their business by building stronger relationships with clients and adopting new technology.