September 6, 2018 – LifeYield LLC, the industry leader in tax-smart, risk-smart household-level portfolio management software announced today an integration with SS&C’s Black Diamond® Wealth Platform. LifeYield’s proprietary Taxficient Score™ and suite of Proposal Advantage™ solutions will now be available through Black Diamond, an award-winning, portfolio management system and client reporting solution for financial advisors and wealth managers.
“The key to success in a rapidly changing industry is to embrace technology that enhances the client experience and improves outcomes. By integrating LifeYield with Black Diamond, we provide a solution that helps advisors enhance investor’s after-tax returns and aids advisors in growing assets under management,” said Steve Leivent, SVP of Advisory Client Experience, and SS&C Advent. “With the Taxficient Score, our financial advisors will be able to provide a holistic view of a client’s portfolio by utilizing Black Diamond and LifeYield together.”
“With an industry revolution underway, moving from individual product purchases to comprehensive wealth management, LifeYield is the first and only firm to create the Taxficient Score, a measure of household tax-smart asset location and tax efficiency,” said Mark Hoffman, CEO of LifeYield. “By integrating with Black Diamond, we are reaching another milestone to ensure all advisors have access to the tools that will help clients improve investment outcomes and reach their goals.”
As a result of the integration, advisors will be able to seamlessly measure their clients’ household asset location and tax efficiency. Modeled like a credit score, the Taxficient Score identifies the tax efficiency of each client account on a scale of 0 to 100. The higher the score means an investor is better-positioned for minimizing taxes, which helps them to make and keep more money and improves their ability to achieve retirement goals. The Proposal Advantage Suite provides financial advisors the ability to construct various proposals which include all accounts — 401(k), brokerage, advisory, Roth and Traditional IRA account, Social Security — and quantify the value of multi-account coordination.
LifeYield determines how to improve an investor’s Taxficient Score, which ultimately reduces taxes. LifeYield quantifies the financial benefits of improved assetlocation
in dollars and cents over 10, 15 or 20 year periods. As an example, a $1 million household with a 50% bonds/50% equity allocation would realize after-tax improved results as follows: $159,000 improvement over the first 10 years; $325,000 over 15 years; and, $590,000 over 20 years. LifeYield will showcase the integration with Black Diamond and their Proposal Advantage Suite of tax-smart and social security products during the SS&C Deliver conference in Las Vegas, NV, September 12th-14th. Steve Zuschin, EVP of Sales at LifeYield, will give a full demonstration of the software at an integration session at the conference on September 13th at 1:00pm.The Black Diamond Platform is an award-winning portfolio management system and client reporting solution for financial advisors and wealth managers. Black Diamond strengthens connections with clients and prospects while managing relationships with more than 1,300 advisors, wealth managers, IBDs and aggregators. Black Diamond looks ahead at industry changes by providing a purposeful suite of tools from portfolio management to reporting to client communications and more that allows advisors to manage their client’s complete wealth picture.