Financial technology firm LifeYield marks launch

LifeYield LLC, a financial technology provider to wealth management firms and advisers, announced its launch.

Headquartered in Boston, LifeYield was founded, and is managed, by industry veterans Mark W. Hoffman (left), Paul R. Samuelson, and Michael P. Benedek, LifeYield said in a press release.

Previously, the three founded and managed Upstream Technologies, a provider of scalable asset management technology that serviced some of the world’s largest financial institutions, LifeYield said. Upstream was later acquired by another firm.

LifeYield said it provides "innovative Web-based tools that help financial professionals systematize and streamline decumulation activity - the complex and time-consuming process of raising cash from an investment portfolio."

Hoffman said in a statement: “Asset decumulation is a major challenge facing today’s financial professionals. While vast resources have been devoted to providing services that maximize asset accumulation, little attention has been paid to technology that automates income distribution strategies to maximize the cash flow from a person’s life savings or trust account. LifeYield provides smart, flexible technology that enables wealth advisors to immediately implement scalable best practice decumulation services.”
(By Chris Reidy, Globe staff)