HD Vest Investment Services has added enhancements to its 1040 Analyst tool.
The tool enables advisors to export and transfer clients' tax information from Form 1040 to generate customized financial reports. Since its launch in June, the tax tool has been used by over 1,000 advisors and applied to over 120,000 client tax returns, according to the firm.
Some of the new features include a filtering mechanism that allows advisors to group clients in categories by age, amount of interest and dividends or income. Advisors also can use it to develop targeted communications to those specific groups.
Advisors can use the quick data input option to complete an individual 1040 Analyst report in as little as two and a half minutes, according to the firm.