MyVest MyVest improves automation and tax management functionalities

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Wealth management technology provider MyVest has announced several upgrades to its strategic portfolio system platform. The company, a subsidiary of TIAA, serves large corporations, including independent brokers / traders and banks.

Among the additions, all of which focus on higher levels of automation and improved customer personalization, are what the company calls smart security level override, fiscal budget management features, and improved customer management. cash flow for complex strategies.

“The personalization of the portfolios has been a manual process that does not evolve,” said Anton Honikman, CEO of MyVest. And as a result, to date, much of that personalization has only been passed on to a limited number of customers in a given business.

“These types of features can only be unlocked with technology over time,” he said. “So this release is not a new module, but an enhancement to the personalization automation support allowing advisors to tackle it at scale and apply it to more than their most significant relationships. precious. “

This new enhancement supports model-level replacements to better suit certain customer circumstances. Examples would include the preservation of embedded gains in the event of a transition, the management of exposures throughout the indirect sale period of a tax loss crop, and the ability to optimize the placement of securities based on the types of taxable accounts. or tax exempt.

Improved tax budget management features add more automation for advisors managing portfolios by introducing a “tax budget constraint” during the rebalancing and optimization process. In other words, when rebalancing, the system will automatically adjust and only offer trades that meet the investor’s tax budget criteria and trade order priorities. According to the company, this can significantly reduce the time advisers spend manually reviewing portfolios for potentially large gains.

Finally, with its enhanced cash management features for complex strategies, SPS helps advisors with more nuanced use cases. For example, advisors can selectively remove cash targets from models and normalize the model’s remaining positions, allowing them to better control the client’s cash exposure and avoid excessive accumulation of cash.

Jason Creel, general manager of individual investment solutions at TIAA, said in a statement that his team has worked extensively with MyVest on the improvements.

“MyVest’s SPS continues to add the automation of complex tasks that frees up time for our advisors and portfolio managers, and allows them to better tailor portfolios to each client’s unique circumstances,” he said. declared.

Asked what lies ahead on the MyVest roadmap, Honikman highlighted two areas.

“We also recognize that advisors need to be able to convey the value of this tax management and personalization to their clients through analytics and reporting and we are investing in that in the future and in their impact,” did he declare.

While Honikman said that because his business remains private and does not share specific usage metrics, he confirmed that MyVest’s technology is used by thousands of advisors at large companies that manage billions of client assets. .

MyVest has been awarded Best rebalancing provider for its portfolio management suite to 2018 WealthManagement.com Industry Award.


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