Russell Investments has paired with tax analysis and optimization software provider LifeYield to set advisors up with tax-managed investing solutions, alongside tax efficiency indicators, for retail clients, according to the asset management company. The deal is the latest example of LifeYield’s push to expand its partnerships across a variety of financial services sectors.
Following the agreement, advisors who offer Russell’s “tax-aware” investing strategies and products will have access to LifeYield’s Taxficient Score, an indicator of tax efficiency. LifeYield allows advisors to measure the dollars-and-cents impact on taxes across accounts, including assets not actively managed by a particular advisor.
“Combining our robust tax-aware insights with LifeYield’s software development expertise will generate tax savings and increased returns for advisors and their clients,” said Mark Spina, head of U.S. Advisor & Intermediary Solutions at Russell Investments.
LifeYield is already partnered with wealth management companies like Morgan Stanley and SunTrust, but is working to diversify its agreements across additional wealth management firms, asset managers and even annuity companies, said Jack Sharry, EVP and chief marketing officer. The company is focused on bringing multi-account management through technology to financial advisors, he said.
Advisors should expect to see the offering made available in early 2019, according to Russell.