New Service Helps Wealth Managers Address Investors’ Increasing Portfolio Complexity
By Joel Bruckenstein, CFP
SEI® (NASDAQ:SEIC) announced enhanced unified managed household (UMH) capabilities within the SEI Wealth PlatformSM (SWP) through a strategic partnership with LifeYield®, a leading API-based Software-as-a-Service provider. The new service provides wealth managers in the U.K. and private banks and trust companies in the U.S. with the ability to deploy a single investment model across multiple accounts within the same household, while benefiting from SWP’s end-to-end, digital wealth management experience.
Rob Wrzesniewski, Head of Global Solutions for SEI’s Private Banking business, said:
“The complexity of investors’ portfolios continues to increase—especially in today’s economic environment. Our goal is to help our clients manage uncertainty and deliver their best thinking to investors with confidence—all while growing their businesses. Our new models-based portfolio management solution provides wealth managers with the full picture across an investor’s household, so they can make asset location recommendations that help investors gain optimal tax benefits. We’re excited to work with LifeYield to deliver unified managed household capabilities through a complete experience on the SEI Wealth Platform.”
By integrating LifeYield’s advanced technology and methodology, SWP’s new UMH capabilities strengthens SEI’s Portfolio Management Experience by enabling the automation of asset location recommendations based on anticipated returns and applicable tax code implications. Optimizing asset placement into the ideal account type can enable greater tax efficiencies, providing an opportunity for higher after-tax returns, while still balancing the overall risk appetite and asset allocation of the household.
Steve Zuschin, Executive Vice President of Business Development at LifeYield, said:
“With uncertainty at every turn and more people retiring, there is a greater-than-ever demand for technology-powered financial advice. We’re excited to work with SEI to provide their clients with automated and personalized tax management capabilities at scale through the SEI Wealth Platform. Our strategic partnership with SEI supports our mission to enable greater wealth manager productivity and help investors keep more of what they earn.”