Cost Basis Reconciliation & Reporting
Experts In Cost Basis To Provide A Strong Foundation For Investing.
Let Us Do The Heavy Lifting.
Customers choose our cost basis reconciliation services because we complete a tax lot initialization, custodian tax lot sync & baseline, client tax lot onboarding, cost basis entry & input, and are experts in handling large, complex data sets as we are very familiar with the nuances of custodian-provided data. The benefits of our cost basis services include:
- The ability to guide your clients with tax-aware trading and rebalancing options and provide services such as tax-loss harvesting to offset gains
- Cost basis reporting on realized gains and losses
- An ability to sell off specific tax lots by cost date or basis, or both
- Ongoing cost basis maintenance to ensure your data is always accurate and in sync
- Dividend reclassifications, wash sales, step-ups, corporate actions, capital gains tax rate calculations, tax lot accounting, transfers, adjustments, updates, and methods
- FIFO, LIFO, Highest Cost, Lowest Cost, Average Cost, Minimum Tax, Specific Lot, Etc.
Frustrated by incomplete data that’s preventing you from making tax-efficient trading and rebalancing decisions for your customers? Let us handle those headaches while you focus on your customers.
Investment Managers know that reconciliation can be expensive and highly complex. Accurate positions detail is essential to managing accounts with confidence, and timely reconciliation means that accounts are ready to trade when you are. We support this mission-critical activity with expert reconciliation services that help contain operational costs and ensure the accuracy of records.
The Expertise of Our Data Management Team helps speed the process of reconciling investment book of record (IBOR) holdings to custodian records. By incorporating knowledge of custodial processing standards and abilities, we anticipate and correct breaks – such as trade date holdings compared to settlement date holdings – significantly reducing the need for manual reconciliation. When breaks are identified, our Data Management Team quickly determines the right course of action.
The combination of our experienced team and proprietary tools enables us to quickly find and adjust for false breaks which allows us to focus on the brainwork of researching and resolving real discrepancies. Extensive experience across virtually every custodian in the industry results in an efficient process that allows managers to trade with confidence. Utilizing our proprietary tools and reports, we are able to consolidate and manipulate large, complex data sets to a standardized output format through an automated data feed eliminating manual reconciliation workflows, automate the initialization and baselining process, synchronize your firm’s closing method with the custodians, provide ongoing maintenance and updates, easily identify discrepancies utilizing a cost basis reconciliation report, provide users with a detailed trade lot breakdown of their cost basis information for all accounts reconciled at the lot level, and more.
The Advantages Of Outsourcing To An Experienced Partner Are Clear.
Investment firms want detailed cost basis information at the lot level so they can make better-informed investment and trading decisions. As many investment firms don’t have the ability to make tax-efficient investment decisions, these reasons could include:
- Lack of ability to provide the reconciliation frequency or closing method needed
- Closing methods between your firm and your custodian not being in sync
- Custodian data is not available through an automated, digital feed
- Lack of ability to manipulate large, complex data sets to achieve proper formatting
- Custodian source is missing the cost basis data
- Overwhelming amount of data to be reconciled
- Lack of functionality within the portfolio accounting system
