The newly updated LifeYield Advantage Suite software now includes the firm’s proprietary 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, the firm says. LifeYield will showcase the updates and their full suite of tax-smart and Social Security optimization software during a July 25, 2018, webinar.
Mark Hoffman, CEO and co-founder of LifeYield, suggests maximizing the tax efficiency of a family’s investments can improve after-tax returns by up to 33%.
“Advisers can now customize and fine tune the tax-efficiency of client portfolios given each client has different holdings and objectives,” he says. “Using the LifeYield Taxficient Score, significant tax savings for clients are quantified, and become a core differentiator for advisers.”
The updated software helps advisers as they recommend and enact more efficient household allocations. LifeYield’s updated software also helps advisers and their clients quantify the benefit of “current versus proposed” strategies.
“Advisers 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,” Hoffman suggests.
Another important feature of the update is the “Customize Client Accounts.” As Hoffman points out, the typical household has five to six savings and investing accounts, often managed by different providers or advisers. With the new software, advisers can mark accounts as held-away, locked or excluded.
The new version LifeYield’s Advantage Suite software is available immediately for current and new subscribers. For more information, visit http://www.lifeyield.com/.