Dynamic multi-account rebalancing will shrink tax drag on household portfolios across taxable and tax-advantaged accounts on the Summit platform
SAN FRANCISCO, Nov. 15, 2023 /PRNewswire-PRWeb/ -- Summit, the award-winning, modern portfolio management system replacement with complete, holistic outsourced data management, today announced its agreement with LifeYield, the fintech leader in tax-efficient investing and income optimization, to incorporate tax-saving, multi-account rebalancing into its platform for wealth managers.
With Summit's integration of LifeYield asset location and multi-account rebalancing technology, wealth managers will be empowered to limit clients' tax exposure and enhance financial outcomes by:
- Increasing scalability and growth opportunities through advisor-efficient rebalancing flows
- Dynamically assigning individual securities from all household accounts to the accounts with the most beneficial tax treatment while
- Rebalancing holdings across the household portfolio to stay aligned to the client's risk tolerance, goals, and timeline.
"We used design thinking to build the Summit platform with a modern approach to deliver a clean, human, and scalable solution for advisors and their clients," said Reed Colley, Summit's co-founder and chief executive officer (CEO).
"We want to help advisors unlock their potential to scale and grow in a way that's aligned with their clients' needs and values – including limiting clients' tax liabilities so they can save more for retirement and their other goals," Colley said.
Mark Hoffman, co-founder and CEO of LifeYield, said that by integrating LifeYield asset location and multi-account rebalancing capabilities, Summit provides wealth managers with a valuable service that few can match.
"Asset location is the best way to enhance portfolio performance over an investor's lifetime, and managing accounts on a household level significantly lifts outcomes, too," Hoffman said. "But few platforms today manage wealth efficiently and effectively at the household level.
Summit Wealth is lifting the typical wealth manager/client experience to a new level with its platform and smart technology strategy."
Note to editors: Summit's Reed Colley, who founded the successful Black Diamond performance reporting system, which merged with Advent Software in 2011, talks about this new venture on the WealthTech on Deck podcast, hosted by LifeYield EVP Jack Sharry.
About Summit Wealth Systems
Summit built the industry's most powerful and accessible wealth management platform, enabling advisors to focus on guiding their clients toward a life of abundance while growing their businesses. While other platforms and solutions continue to grow in complexity, Summit's design-forward approach streamlines and automates the work advisors do every day. The platform combines unified data with a simple, elegant solution and experience that advisors and clients love. Summit won the 2023 "Wealthie" industry award in the Innovation-New Platforms category for its Wealth Journey feature allowing advisors and clients to record and memorialize key milestones and goals in their lives. For more information, visit https://summitwealth.io/.
About LifeYield
LifeYield is a technology company that improves investor outcomes by minimizing investment taxes and maximizing retirement income. Major financial services firms like Morgan Stanley, Merrill, Ameriprise, SEI, Orion, Allianz Life, New York Life, JP Morgan, Franklin Templeton, and Envestnet partner with LifeYield. They use LifeYield APIs inside their proprietary platforms to automate ongoing asset location, tax harvesting, transitions, withdrawals, multi-account rebalancing, and retirement income optimization. LifeYield's approach increases advisor productivity and improves financial results for investors, advisors, and firms by up to one-third. For more information, visit lifeyield.com.
Media Contact
Meghan Richter, Summit Wealth, 610-675-5530, [email protected], www.summitwealth.io
SOURCE Summit Wealth
Share this article