New enhancements visualize retirement income needs and integrate outsourced investment models with tax-efficiency tech
In a volatility-wracked market, nothing is more valuable to financial advisors and their clients than how to improve outcomes and gain control over their financial destinies. LifeYield LLC, a cloud-based solution that facilitates tax-efficient management of an investor’s entire household portfolio, announced new enhancements to the LifeYield platform to optimize and visualize retirement income streams from multiple accounts, including social security, and coordinate outsourced investment models and separately managed accounts into a smart-household management approach.
Enhancements to the LifeYield Advantage Suite® are designed to complement a financial plan that enables advisors to provide quantifiable insight and trade-offs to achieve enhanced saving and retirement outcomes. These features are now available for new and existing subscribed partners as an automatic update.
The new enhancements improve:
Income Layers for Social Security Advantage
LifeYield’s Social Security Advantage can now create optimal, visual projections of a client’s expected retirement income needs, showing the extent to which Social Security benefits will meet those needs in tandem with other income sources. Advisors can customize a client’s Income Layers to account for inflation, interest rates, additional expenses and other factors.
Combined with Social Security Advantage’s ability to identify the most advantageous time for clients to file and begin receiving benefits, this new feature illuminates any potential income shortfalls and sparks new conversations to help advisors show their clients how to maximize income in retirement
Gain Limits and Tax Cost of Implementing Trades
Tax-smart asset location, one of the potent tools in an advisor’s household management arsenal, is difficult for advisors to implement and challenging to explain to clients. Portfolio Advantage can now analyze and quantify the value of this work, using LifeYield’s Taxficient Score® to benchmark progress. These new features empower the advisor and client to set a goal of realized capital gains when optimizing for asset location, highlighting the long-term value created in dollars and cents.
Target Assignment for Portfolio Advantage
While investment models and separately managed accounts have excelled as cost-effective ways for advisors to guide clients and to build scale, they are not designed to work in tandem with other accounts as part of a single, coordinated household portfolio management approach.
Target Assignment gives advisors greater control over these strategies by making recommendations to allocate all of a client’s accounts in tandem for optimal tax efficiency, both in accumulation and through withdrawal.
Additionally, LifeYield has launched its Marketing Resource Center to subscribers in an effort to help advisors communicate with their clients and communities during the unprecedented volatility they now face. Advisors can now access LifeYield’s library of videos, brochures, social media content and more that can be rebranded to engage prospects and strengthen bonds with clients.
“These additions to the LifeYield platform will help our advisor partners rise to the extraordinary demands of the moment,” said Steve Zuschin, EVP, Advisor Success. “Our goals are to encourage more conversations about the value of financial planning, offer more levers to control outsourced investment strategies, and introduce new ways to demystify tax efficiency and smart householding for clients. We’re excited to help our partners put these new tools to work.”
LifeYield, creators of the Taxficient Score®, enables financial advisors to deliver tax-smart, household-level portfolio solutions. The LifeYield Advantage Suite® provides a comprehensive, tax-aware view of a client’s entire portfolio — analyzing assets across IRAs, 401(k)s and taxable accounts. The Company’s easy-to-use tools help advisors engage clients in a conversation about making and keeping more money from accumulation through retirement income, to enhance their ability to achieve their financial goals.
Based in Boston and founded by finance and technology industry leaders, LifeYield’s cloud-based software helps advisors improve investor outcomes and enhance their value and experience in supporting goals-based wealth management strategies. For more information, please visit www.lifeyield.com.