Irving, Texas-based HD Vest Investment Services added a dozen enhancements to its 1040 Analyst tool, the firm announced today.
Released in June, the automated tool enables advisors to export and transfer clients' tax information from Form 1040 to generate customized financial reports. The reports help advisors develop detailed, tax-sensitive investment recommendations, says the independent broker-dealer.
Since its rollout, 1040 Analyst has been used by nearly 800 HD Vest-affiliated advisors and applied to more than 100,000 client tax returns, bringing in more than $94 million in new investment assets, according to the firm.
Based on advisor-use feedback and the firm’s continued review of the tool, the added enhancements allow advisors to manually input their clients’ tax data; determine the best time for taking Social Security benefits; identify opportunities to buy/sell life insurance; and calculate a distribution schedule for retirement plan assets, among other functions.
HD Vest noted that the firm expects to further refine the 1040 Analyst as tax laws change.