LifeYield, LLC’s industry first solution, designed to support best practice decumulation services
BOSTON, December 16, 2008 – LifeYield, LLC, a leading technology provider to financial institutions, announced today that SunTrust Banks, Inc., one of the U.S.’s largest banking institutions, has selected LifeYield’s Retirement Optimized Income (ROI) solution for use by its financial advisors. The ground breaking LifeYield ROI™ helps financial advisors select which assets to sell to generate retirement income from a household portfolio of taxable and tax qualified accounts while minimizing taxes and controlling risk.
“SunTrust is committed to being an industry leader in providing comprehensive retirement solutions,” said Mark Peters, Executive Vice President, Head of SunTrust Bank Private Wealth Management. “We view LifeYield’s technology solution as a game changing break-through in the retirement income distribution aspect of the comprehensive planning and overlay services we offer and it enables our advisors in helping our clients achieve their retirement objectives.”
“SunTrust is a forward thinking institution,” said Mark Hoffman, CEO, Chairman, and Co-Founder of LifeYield. “Even given the tumultuous economic times, they are implementing innovative offerings to help their clients successfully address the financial complexity and challenges of living in retirement.”
“The LifeYield team has a proven track record of delivering best practices technology solutions to the financial sector,” said Mark Peters. “A significant factor in selecting LifeYield was SunTrust’s previous experience working with the LifeYield principals. We know they truly understand the needs of financial institutions.” Founders Mark Hoffman, Paul Samuelson, and Michael Benedek, LifeYield’s CEO, Chief Investment Officer, and President, respectively, previously founded Upstream Technologies, which developed innovative asset accumulation technology for financial institutions and advisors.
Separately, SunTrust and LifeYield announced that SunTrust is making an equity investment in LifeYield, LLC. “SunTrust is committed to fostering companies that can help us deliver industry leading financial services,” said Mark Peters. “To this end, we are making a minority investment in order to help LifeYield and SunTrust reach their goals.”
“SunTrust’s investment in LifeYield further underscores SunTrust’s commitment to being an innovator in the retirement solutions arena,” said Mr. Hoffman. “SunTrust is the ideal partner in that they understand the retirement income needs of their clients.”