It’s always a good day to get advisors to talk about taxes with clients at HD Vest. But this week, the broker-dealer gave its 5,000 reps some more fodder for such chats by enhancing its 1040 Analyst tool.
According to the Irving, Texas-based group, improvements made to the software aim to help advisors and clients strengthen their decision-making by giving them “at least a dozen new tax-sensitive opportunities” and identifying “client vulnerabilities.”
Since its initial June rollout, 1040 Analyst has been used by nearly 800 HD Vest-affiliated financial advisors working with more than 100,000 client tax returns, the broker-dealer says. As a result, HD Vest-affiliated advisors have brought in $94-plus million in new investment assets, the broker-dealer adds.
The latest version of the software includes reminders regarding the age, tax-filing status and beneficiary information for clients, according to Scott Rawlins, managing director of national sales at HD Vest. “With the tool, advisors can really do some basic blocking and tackling, and they can revisit this information yearly and adjust the data,” he explained in an interview with ThinkAdvisor.
“In the past, advisors had do all of this manually by sifting through returns. We wanted to help to bridge the gap, make the connections for advisors and do so in automated way,” said Rawlins.
“With some integrated steps, the tool lets advisors import data from four of the most popular tax and accounting programs,” the executive added. “It’s a snap-entry process. This means an advisor can look at a 1040 form and enter the information, run the data, illuminate potential blind spots and identify possibilities where advisors and clients can have important conversations.”