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国际资讯监管与政策

美国税改将如何影响智能投顾盈利模式?

如果参议院税收改革法案中的提议获得通过,那么Charles Schwab,TD Ameritrade, E*TRADE等智能投顾服务商可能必须得改变他们的资金操作模式了。

这项新规将改变投资者抛售应税经纪账户中的股票的方式。目前的情况是,当投资者在股票市场、共同基金市场或交易所交易基金(ETF)市场中拥有多个头寸的情况下,他们可以选择卖出哪些手数,但是新规定却被称为先进先出法,即投资者被要求出售他们最先购买的股票,而这往往是收益最多的部分,从而能够产生更高金额的税收。

如果新规则生效,那么这些智能投顾需要改变算法,从而帮助投资者选择合适的手数来减少应交税金。如果投资者持有不同手数的股票,当投资者同时出售收益股票和亏损股票以抵消资本利得的时候,也可以防止税收损失。在投资行业出现强烈抵制之后,共同基金被排除在这一规则涵盖范围之外,他们认为客户因为这项规定不得不支付更多的税款,并可能更倾向于持有股票更长时间。

近期,智能投顾公司Betterment投资咨询副总裁Alex Benke指出:"这基本上意味着对投资者的税收增加,投资者的控制权被削弱了"。他还表示,如果这项规则通过,Betterment将不得不改变原有的算法。

本月早些时候,TD Ameritrade为ETF投资者推出了新的税收损失收获服务,这些ETF投资者在税收优惠的退休储蓄账户之外持有其他的投资。虽然在股票投资中可以很容易地鉴别输赢的机会,但是为ETF投资者识别这些机会更加困难。为了辅助这个过程,TD Ameritrade为那些将应税账户中的资金投资到基本投资组合和选择性投资组合的投资者推出了免费的服务。

享受税收亏损收获服务的客户,每天都会从在线经纪商那里收到对其投资组合的评估,以确定减税收获的机会。如果没有任何资本利得或损失超过了利得,那么投资者可以利用这些损失抵消每年的其他应税收入3000美元。除去抵消资本利得的损失外,投资者还可以将额外的损失中摊到未来的时间。

Charles Schwab, TD Ameritrade, E*TRADE and other online brokerages that have a robo-advisory service may have to change how they move money for customers if a proposal in the Senate tax reform bill gets passed.

The new rule would change how investors can unload stocks that are sitting in taxable brokerage accounts. As it stands, investors can choose which lots to sell when they have more than one position in a stock, mutual fund or exchange-traded fund (ETF), but with the proposed rule dubbed first-in-first-out, investors would be required to sell the shares they purchase first, which often is the lot that has the most gains and thus generates the bigger tax hit.

If the rule goes into effect, it would likely require robo-advisors to change their algorithms that are designed to help investors choose the right lot to sell with an eye toward reducing taxes. It could also prevent tax-loss harvesting when an investor sells a winning and a losing stock at the same time to offset any capital gains if the investor owns different lots of the stock. Mutual funds are excluded from the rule after backlash from the investment industry, which argued that clients would have to pay more taxes and would likely be more inclined to hold the stock for longer as a result.

"It basically means higher taxes for investors because they have less control," Alex Benke, vice president of advice and investing at robo-advisor Betterment, recently told CNBC. The executive said that Betterment would have to change its algorithm if the rule passes.

Earlier this month, TD Ameritrade rolled out a new tax-loss harvesting service for ETF investors who hold their investments outside of tax-advantaged retirement savings accounts. While it can be easy to spot winners and losers in stock portfolios, it can get tougher to identify those opportunities for ETF investors. To help with this process, TD Ameritrade rolled out the free service for those with taxable accounts invested in its TD Ameritrade Investment Management's Essential Portfolios and Selective Portfolios.

Customers enrolled in the tax-loss harvesting service receive a review of their portfolio from the online brokerage each day to identify tax-loss harvesting opportunities. If there aren't any capital gains or if losses exceed the gains, investors can use the losses to offset $3,000 of other taxable income each year. After offsetting capital gains, investors can carry the extra losses into future years as well.


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