MyVest is making it easier for wealth firms to take tax into account as they transition their clients’ portfolios.
The San Francisco-based fintech firm has announced enhancements to its Strategic Portfolio System, focusing on extending tax-aware portfolio transition capabilities.
"Given their associated complexities, tax-aware transitions have traditionally been handcrafted. This presents scale challenges, particularly when viewed at the firm level," Anton Honikman, CEO of MyVest, said in a statement.
The latest SPS release introduces features designed to streamline the process of transitioning legacy portfolios for firms when they onboard advisors and their books of business, consolidate clients’ held-away assets, or migrate accounts into new strategies.
The enhancements provide enterprise-level capabilities to support transitions across SMAs, UMAs, and other managed account programs, as well as transition plan defaults. The new features allow for transition plans to be auto-generated based on certain default settings, firm rules, or client personalizations, with the option for advisors to hand over ongoing management of the transition to a central team.
MyVest also offers a tax-aware transition management functionality within the SPS portfolio management system, which allows users to transition legacy holdings in the most tax-efficient way based on current circumstances. The feature also lets users expand a client’s tax budget capacity tactically through proactive tax-loss harvesting.
“MyVest has learned from our customers’ experience with transitions, informing our design of features which address the common bottlenecks,” Honikman said. "We’re excited to help make tax-aware transitions rewarding both for investors and for the wealth management firms serving them."
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
