HD Vest Financial Services, an independent broker-dealer based in Irving, Texas, today announced the launch of its new 1040 Analyst tool for its affiliated advisors.
The automated tool enables advisors to export and transfer clients' tax information from Form 1040 to generate customized financial reports. The reports will help advisors develop detailed, tax-sensitive investment recommendations, says HD Vest.
“There is no question that taxes today represent the single largest expense for the average American household, and have continued to rise rapidly, from claiming 18.1 percent of family income in 2010 to 19.4 percent in 2013,” said Scott Rawlins, managing sales director at HD Vest. “Making sound, tax-intelligent choices are now front-and-center to any meaningful financial planning process.”
The tool gives advisors the ability to analyze individual line items, as well as several line items in combination, to identify areas of opportunity or vulnerability for the client. Additionally, advisors can manually input appropriate tax data for clients who have not gone through a professional tax preparation process.
The 1040 Analyst will be offered on a complimentary basis to all HD Vest-affiliated advisors, and the firm will showcase the new resource at its annual conference in June.