Chalice Financial Network is partnering with LifeYield to provide tax planning services for its members, the two firms announced.
Chalice, a membership organization based in San Diego supporting small and medium-sized financial service businesses, has added LifeYield’s “Taxficient Score” and other services to the lineup of products and services Chalice provides to its members.
Boston-based LifeYield provides tax planning portfolio management designed to save clients money by more efficiently coordinating all their household accounts to maximize tax savings, the firms said.
“LifeYield's proprietary Taxficient Score will help Chalice's members quantify the financial benefits of tax-smart asset allocation for their clients,” LifeYield said. “For example, a household with $1 million in assets divided equally between stocks and bonds could realize after-tax savings as substantial as $159,000 over the first 10 years, $325,000 over 15 years and $590,000 over 20 years. The Taxficient Score and LifeYield's other tools help advisors quantify the value of the advice they provide, attract new clients and encourage a holistic, household-level approach to wealth management.”
LifeYield works with large financial services firms such as Morgan Stanley, Schwab, Fidelity and Envestnet, with Chalice being its latest partnership, said LifeYield’s Jack Sharry, an executive vice president at the company.
“LifeYield aims to help advisors differentiate themselves and increase the value and capabilities they bring to their clients and prospects," added Mark Hoffman, CEO of LifeYield.
“We work with financial advisors to show them how to coordinate multiple accounts within a household in the most tax-efficient manner,” said Sharry.