New partnership will address disconnect between retirement income planning and implementation on a single platform
SAN FRANCISCO, CA, June 18, 2024 – MyVest, a leading provider of enterprise wealth management technology, has partnered with Income Discovery, a leading enterprise grade retirement income platform, to enable personalized, tax-smart withdrawals for retirement income, building a more effective bridge between retirement planning and execution.
Retiree numbers are growing exponentially; by 2030, the total number of U.S. retirees is on track to reach 72 million. The need for a retirement income solution that can sustain this population, increase firms’ and advisors’ capabilities, and provide the best outcomes for retirees is also growing. Through this partnership, MyVest’s Strategic Portfolio System™ (SPS) and Income Discovery’s Paycheck will address the disconnect between retirement income planning and implementation to ensure optimal retirement outcomes.
The integrated solution provides advisors with a clear view into retiree(s) household finances and tax-optimized planning features to explore systematic withdrawal recommendations. Then, it offers the ability to execute those withdrawals through tax-efficient trade order generation, in bulk across the client base if necessary, all through an integrated experience. A bi-directional data connection allows advisors to effectively monitor and manage client retirement plans, ensuring they remain on track and adaptable to changing circumstances.
“In the face of a rapidly growing retiree population, the industry is at a crucial juncture where the need to operationalize and scale retirement income has never been more important. At Income Discovery we’ve met this challenge,” said Manish Malhotra, Income Discovery CEO. “In partnering with MyVest, we aim to bridge the gap between planning and execution to ensure that retirees can actually generate retirement income from their accounts while mitigating the risk of outliving their resources. This partnership represents a significant stride towards addressing the need and reshaping the way we think about retirement income planning. And we’re just getting started.”
“MyVest is delighted to embark on this journey with Income Discovery, marking the first step in a roadmap designed to move retirement income from planning to action,” said Anton Honikman, CEO of MyVest. “By leveraging our complementary strengths in tax-managed personalization, we are bringing retirement income to life and providing firms with the opportunity to differentiate their practices.”
About MyVest
MyVest builds enterprise wealth management technology for the digital age. Driven by a vision for client-centric advice, MyVest empowers firms to deliver personalized portfolios at scale. A subsidiary of TIAA since 2016, MyVest is headquartered in San Francisco with offices in Austin and Philadelphia.
About Income Discovery
Income Discovery enables institutions to deliver hyper-personalized easy-to-understand retirement income solutions at scale. Income Discovery’s software streamlines retiree disbursals with a consistent, tax-optimized payment – a Paycheck.
