The investment advisory industry focuses on asset accumulation and allocation as primary drivers of investor outcomes, leaving out opportunities to enhance returns. Taxes are the biggest expense that investors incur throughout their lives, more than everything else combined.

In this episode, Jack talks with Mark Hoffman, CEO, Chairman, and Founder at LifeYield. Mark and his longtime business partner, Paul Samuelson, founded LifeYield to facilitate tax-smart, risk-smart household portfolio management solutions. Mark has over 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading.

Mark talks with Jack about the lessons learned over the past 14 years of building comprehensive advice platforms, the importance of tax-smart implementation in financial planning, and how LifeYield simplifies portfolio management while maximizing returns.

Key Takeaways

[01:38] - How LifeYield was founded.
[06:33] - The key lessons Mark learned over the course of his career.
[10:12] - Mark's research on the importance of tax-smart implementation.
[14:39] - How retirement income sourcing fits into portfolio management.
[17:42] - Mark's thoughts on the future of financial planning.
[20:42] - How LifeYield simplifies portfolio management while maximizing returns.
[27:33] - Why wealth management firms should be the primary advisors for their clients.
[31:35] - Why LifeYield's partnership with Franklin Templeton could be groundbreaking.
[36:11] - Interesting things Mark does outside of work.

Quotes

[18:03] - "At LifeYield, we see financial planning as finally becoming the central pillar supporting how advisors engage with their clients. But financial planning has not been tax aware. Without tax awareness, financial planning cannot provide implementable advice." ~ Mark Hoffman

[28:30] - "Tax alpha is often the largest benefit we've talked about in these bad markets. And for any firm in the wealth management industry to be successful, they certainly need a tax alpha strategy." ~ Mark Hoffman

[28:58] - "Wealth management firms need to become the primary advisor for their clients, particularly when somebody's transitioning into retirement. It's a natural asset consolidation point because the client wants uniform advice." ~ Mark Hoffman

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