FintekNews is pleased to offer our weekly feature column “3 Questions With”. Each week, we feature a thought leader within a unique sector of fintech and ask them to answer just 3 questions for our audience in their vernacular. This week, we’d like to introduce you to Mark William Hoffman, CEO of LifeYield, a transformative software company that helps forward-thinking financial firms, advisors and investors make more and keep more money.
NAME: Mark William Hoffman
WEB ADDRESS: www.lifeyield.com
What does your firm offer within the fintech sector?
LifeYield’s Advantage Suite of asset optimizing software improves an individual’s financial health and increases assets and income by coordinating all accounts from an entire household in a tax-smart way and by maximizing Social Security benefits. The LifeYield Advantage Suite improves outcomes for more than 60,000 advisors and 25,000 individual investor users. Advisors offering the Advantage Suite are able to serve their clients better and offer them digitally enhanced advice that will ultimately help them to save more and make more money. In fact, an independent analysis by Ernst & Young found LifeYield’s methodology can boost after-tax returns and income by up to 33%.
What do you believe the next major innovation in financial technology will be and why?
Robos awakened financial institutions and forced them to rethink how technology can be used to enhance the user experience and strengthen the service advisors provide to their clients. Today, in what we are calling a post-robo landscape, digitally enhanced advice is necessary to help advisors support their client’s most complex challenges and improve their financial outcomes. All client supporting systems need to be connected, coordinated and work seamlessly together to provide optimal results for investors.
What fintech leader do you admire the most and why?
Paul A. Samuelson, Nobel Laureate and renowned American Economist
Paul A. Samuelson’s contributions to economic science are greater than any other contemporary economist. He also happens to be the father and mentor of my partner of many years Paul R. Samuelson, who I met while working at Colonial Management’s equity and trading departments. When Paul and I formed LifeYield, he and his father had an informed discussion about how to help investors keep more of their money, which involved paying less in taxes on investments and forming the advice required to do so. Creating that personalized advice to help investors is what LifeYield’s software does.
One of my favorite quotes from Paul’s father is: “Time is the ultimate scarcity. Isaac Newton can give us more electricity, but he can’t give us more than 24 hours in a day. We constantly have to sacrifice alternate activities to get the one that pleases us most.” This is the essence of LifeYield – our algorithms allow investors to make more and keep more money. And money is really just stored time which allows you to do more of what you want in life.
Mark Hoffman has helped found three successful and innovative software firms in the financial technology space. Lattice Trading was an alternative trading platform purchased by State Street Global Advisors, Upstream Technologies was a UMA and trading solutions platform purchased by Fiserv and his present company LifeYield, is a transformative software company that helps forward-thinking financial firms, advisors and investors make more and keep more money