MyVest, a leading provider of enterprise wealth management technology, has expanded and integrated the proposal and transition capabilities of its Strategic Portfolio System™ (SPS), designed to enable firms and advisors to grow assets, consolidate held-away accounts, and deliver personalized proposals.
The updated workflow merges proposal generation with tax-aware transition planning. This integration aims to streamline the process for advisors, allowing them to demonstrate unique value to clients through personalized proposals that consider tax implications during asset transitions.
This development addresses a significant industry need, as research from Cerulli Associates indicates that only 48% of wealth management platforms currently offer automated tax-efficient transition tools, with 24% still relying on manual processes. MyVest’s SPS automates this previously time-intensive task, transforming it into a scalable capability for an entire advisor force.
With these enhancements, each transition plan and proposal is encoded within an Investment Policy Statement (IPS) inside SPS. This IPS guides automated plan execution and ongoing portfolio management, facilitating tax-efficient transitions over time, adapting to market changes, and enabling proactive tax management. The system also allows firms to track and manage groups of portfolios that are in transition daily.
Embedding transition planning directly into the proposal workflow provides advisors with an efficient method to capture client preferences and automatically generate tailored transition plans. This positioning helps firms to onboard new advisors and their client books more effectively, increase wallet share by capturing held-away assets, and migrate existing accounts to new investment strategies.
Justin Kikuchi, Senior Director of Product at MyVest, highlighted the importance of this feature, stating, “Transitioning a client’s legacy holdings to a new strategy is one of the biggest needs we hear in the industry, and a successful transition requires technology to execute it consistently.” He added that advisors can now approach transitions with greater confidence, supported by a sophisticated tax-optimized portfolio management system that automates implementation and systematically executes plans over time.
The enhancements are designed to result in faster onboarding, consistent and trackable firm-wide transition management, and improved portfolio outcomes for firms. Advisors gain the ability to automate tax-aware transitions, personalize plans with more ease, and operate with increased efficiency. At the enterprise level, the system supports transitions across Unified Managed Accounts (UMA), Rep-as-PM programs, and bank trust programs, offering advisors the flexibility to manage these directly or delegate to a central team.
MyVest, a subsidiary of TIAA, provides enterprise wealth management technology and is headquartered in San Francisco. The company focuses on enabling firms and advisors to deliver personalized portfolios at scale.
