MyVest is thrilled to be selected as a ThinkAdvisor 2024 Luminaries finalist under the Technology Platforms, Products and Services section in the Portfolio Management, Accounting and Performance Reporting Firm Award – Innovation category for our:
- Enhancements to Tax-Aware Portfolio Transitions, and
- Partnership with Income Discovery for Tax-optimized Income in Retirement
Enhancements to Tax-Aware Portfolio Transition Planning & Management
MyVest extends its Strategic Portfolio System™ (SPS) tax-aware portfolio transition capabilities, helping wealth management firms and their advisors scale the delivery of portfolio transitions to more clients, without compromising quality.
Scaling Transitions at the Enterprise Level
These enhancements are meant to address common challenges associated with transitioning legacy portfolios — embedded gains, concentrated positions, strategy changes — reducing a barrier to onboarding new clients and enabling firms’ organic growth.
Tax-aware portfolio transitions better positioning wealth management firms as they acquire advisors and their books-of-business, as they increase share of wallet of existing clients by consolidating their held-away accounts, and as they migrate accounts to new strategies.
Enterprise-level capabilities include supporting transitions across any of a firm’s different managed account programs (e.g. SMA, UMA, Rep-as-PM, bank trust), smart transition plan defaults, and giving firms the option for transitions to be advisor-managed or delegated to a home office team for management in bulk.
Smart Transition Plan Generation
Our portfolio management platform can now auto-generate initial transition plans that are informed by defaults and client personalizations, accelerating time-to-execution of each plan. In addition, ongoing tax-aware transition management is automated within SPS’s portfolio management system.
Once advisors finalize each transition plan, their firm can give them the option to selectively delegate ongoing management of the transition to a central team, freeing up advisor capacity for client engagement and business development.
Automating Ongoing Tax-Aware Transition Management
Tax-aware transition planning is fully integrated into MyVest’s Strategic Portfolio System (SPS), an end-to-end enterprise wealth management platform. Ongoing tax-aware transition management is automated within SPS’s portfolio management system, which enables users to:
- Transition legacy holdings in the most tax-efficient way over time, responding as circumstances change
- Opportunistically expand a client’s tax budget capacity through proactive tax-loss harvesting
- Easily aggregate, track and manage groups of ‘portfolios in transition’ on a daily basis
Our partnership with Income Discovery expanding retirement income generation
MyVest and Income Discovery, a leader in retirement income, partnered to operationalize personalized, tax-smart withdrawals for retirement income.
MyVest’s Strategic Portfolio System (SPS) and Income Discovery’s Paycheck have integrated to build a better bridge between retirement income planning and its ongoing implementation that will scale the delivery of better retirement outcomes.
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 SystemTM (SPS) and Income Discovery’s Paycheck address the disconnect between retirement income planning and implementation to ensure optimal retirement outcomes.
The seamless integration combines Paycheck’s comprehensive analysis of household-level income sources to determine the optimal withdrawal amounts with SPS’s portfolio management system for executing tax-optimized withdrawals. This ensures that cash is raised in the most tax-optimized manner while managing portfolio targets. A dynamic data connection facilitates ongoing monitoring and management of retirement income plans and sources, ensuring they remain on track and adaptable to changing circumstances.
Key features of the offering include:
- A household-level review of all income sources (taxable, Roth, IRAs, Social Security, annuities and more) based on the client’s selected retirement income plan to recommend the most tax-efficient withdrawal accounts and amounts.
- Best-in class tax-aware rebalancing to raise cash while managing portfolio risk
- A powerful OMS to scale trading across unlimited portfolios.
- A dynamic, bi-directional integration enables monitoring to ensure plans remain on track and are adaptable to changing circumstances.
About the ThinkAdvisor Luminaries awards
The ThinkAdvisor Luminaries awards recognizes the dynamic and inclusive ways individuals and organizations have shown they are producing meaningful, innovative and replicable results in the areas that matter most to advisors: Community Impact; Executive Leadership; Innovation; and Thought Leadership.
