Fiserv Strengthens Unified Wealth Management Solutions through Partnership with LifeYield LLC
• Unified Wealth Management Platform from Fiserv to incorporate enhanced tax and account management capabilities from LifeYield
• Combined toolset enables one aggregated view of a household’s taxable, tax-advantaged and non-taxable accounts
• Alliance moves Fiserv closer to offering the industry’s first true Unified Managed Household (UMH) capability
Fiserv, Inc. (NASDAQ: FISV) the leading global provider of financial services technology solutions, announced today a partnership with LifeYield LLC, a leader in tax-smart retirement income software, to facilitate access to enhanced tax and account-management capabilities through the Unified Wealth Management Platform of Fiserv. Fiserv will now offer broker-dealers, asset managers and advisors an aggregated view of their clients’ many taxable, tax-advantaged and non-taxable accounts. The combination of Fiserv technology with LifeYield technology will enable advisors to better meet the retirement income planning needs of their clients.
With this partnership, Unified Wealth Management Platform from Fiserv, already known for robust trading, reporting, retirement income modeling, financial planning and Monte Carlo simulations, will incorporate two LifeYield solutions that will enhance an advisor's ability to maximize asset growth, generate more income for clients and do so in less time. LifeYield ROI™ is a tax-smart calculation engine that suggests the most tax-efficient sequence to grow and withdraw assets across multiple taxable and tax-advantaged accounts. LifeYield Illustrator helps advisors visually show investors how they can achieve better results.
“The combination of industry-leading wealth management platform solutions from Fiserv and leading tax management and asset location solutions from LifeYield provides a powerful offering to sponsors and their advisors,” said Cheryl Nash, senior vice president of Strategic Marketing and Product Development, Investment Services, Fiserv. “By linking a household’s many taxable, tax-advantaged and non-taxable accounts into one aggregated view, we move one step closer to providing the industry’s first true unified managed household solution.”
“Teaming with Fiserv allows us to provide an end-to-end wealth platform solution to sponsors and advisors that produces better results for both parties as well as end investors,” said Mark Hoffman, Chief Executive Officer and Founder of LifeYield. “We look forward to bringing our collective capabilities to the marketplace to help more investors enjoy a more comfortable retirement.”
An independent study from Ernst & Young found that LifeYield technology provides financial advisors with enhanced tax management, income optimization and asset location tools that can increase after-tax performance of client accounts by as much as 33 percent.
On May 4, Fiserv announced its UMH strategy and milestones which began when Fiserv acquired AdviceAmerica in June 2010. This summer, Fiserv expects to move its managed account programs—including separately managed accounts (SMA), mutual fund advisory (MFA), rep as portfolio manager (RPM) and exchange-traded (ETF) funds—onto the Fiserv unified managed account (UMA) platform.