The integration of LifeYield’s technology will enable advisors and wealth managers to optimise after-tax returns. Credit: NTshutterth/Shutterstock.

SEI, a US-based wealth management solutions provider, has acquired tax-smart technology provider LifeYield, for an undisclosed sum.

This acquisition is said to make SEI the first industry player to offer real-time, automated unified managed household (UMH) capabilities.

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The integration of LifeYield’s technology will enable advisors and wealth managers to optimise after-tax returns across all account registrations, implementing a comprehensive financial plan.

LifeYield’s technology offers benefits including better outcomes for investors, increased efficiency for advisors and wealth managers, and scalable tax-efficient investing.

Furthermore, the integration of LifeYield’s APIs into the SEI Wealth Platform is expected to expedite investment implementation across multiple household accounts.

SEI also plans to develop a new front-end solution for on- and off-platform distribution, aiding financial advisors, institutions, and asset managers in managing household accounts.

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With LifeYield’s technology, SEI’s UMH services will now offer tax-loss harvesting, asset location, tax-efficient multi-account household portfolio management and rebalancing, optimised withdrawals across household accounts, tax transition support, and retirement income’s social security benefits.

SEI Chief Product Officer J Womack said: “We believe that integrating LifeYield’s tax-smart technology with our investment, technology, and evolving multi-custody capabilities creates a unique suite of tax management solutions that position SEI as the industry leader in enabling the efficient accumulation and transfer of wealth, as well as maximising retirement income.”

The LifeYield team, with expertise in technology, sales, client service, and marketing, will join SEI as part of the acquisition.

Nutter, McClennen & Fish offered legal advice to LifeYield, while Holland & Knight was the legal advisor to SEI. PJT Partners was LifeYield’s sole financial advisor.

This acquisition builds on SEI’s 2022 partnership with LifeYield to help UK wealth managers and US private banks and trust companies to implement single investment model across multiple accounts within a household.

LifeYield CEO Mark Hoffman said: “Joining the SEI team is a next step in building upon our existing strategic partnership. We’re excited to deliver a UMH solution that considers the entirety of a household, so the tax benefits extend to everyone who is part of a client’s financial picture.”