LifeYield is making its enterprise level Income Advantage tool available to a broader range of service subscribers, the company announced today. Users of the firm's Advantage Suite will now be able to access the tool, which provides advisors and their clients with insight on how to sell and drawdown accumulated assets in a tax-efficient manner.
"When determining the best way to create a Tax-Smart Retirement Paycheck, investors have an incredible number of variables to consider before any action can be responsibly taken," said Mark Hoffman, CEO and co-founder of the firm. The Tax-Smart Retirement Paycheck is simply the company's term for investor income generated through tax-aware decumulation, while the Income Advantage tool looks across accounts and account types to dial in the appropriate, tax-efficient methodology for selling assets.
"We know that the typical household has five or six different account types," said a company spokesperson. "So when clients go to draw income, there are a number of issues to consider, and it has a lot to do with taxes." Investors and their advisors can indicate whether they would like to minimize asset allocation drift, maximize tax-loss harvesting or set capital gain limits, according to the company.
The firm recently joined the FA Match Alliance and partnered with Mercer Advisors in April to provide its services to the firm's advisors.
