MyVest announces tax-aware portfolio transition upgrades

The fintech firm’s latest update simplifies processes for legacy portfolios, with features for tax-efficient transition management.

MyVest is making it easier for wealth firms to take tax into account as they transition their clients’ portfolios.

The San Francisco-based fintech firm has announced enhancements to its Strategic Portfolio System, focusing on extending tax-aware portfolio transition capabilities.

“Given their associated complexities, tax-aware transitions have traditionally been handcrafted. This presents scale challenges, particularly when viewed at the firm level,” Anton Honikman, CEO of MyVest, said in a statement.

The latest SPS release introduces features designed to streamline the process of transitioning legacy portfolios for firms when they onboard advisors and their books of business, consolidate clients’ held-away assets, or migrate accounts into new strategies.

The enhancements provide enterprise-level capabilities to support transitions across SMAs, UMAs, and other managed account programs, as well as transition plan defaults. The new features allow for transition plans to be auto-generated based on certain default settings, firm rules, or client personalizations, with the option for advisors to hand over ongoing management of the transition to a central team.

MyVest also offers a tax-aware transition management functionality within the SPS portfolio management system, which allows users to transition legacy holdings in the most tax-efficient way based on current circumstances. The feature also lets users expand a client’s tax budget capacity tactically through proactive tax-loss harvesting.

“MyVest has learned from our customers’ experience with transitions, informing our design of features which address the common bottlenecks,” Honikman said. “We’re excited to help make tax-aware transitions rewarding both for investors and for the wealth management firms serving them.”