- Firm to leverage actionable cost basis data to continue offering high quality client service
Scivantage, a leading provider of web-based, front- and middle-office technology solutions to the financial services industry announced today that Raymond James has selected its Maxit product to provide fully automated cost basis reporting across its 5,300 financial advisors and 1.9 million client accounts. Raymond James manages approximately $232 billion in total client assets.
After an extensive evaluation process, Raymond James chose to implement Maxit as its enterprise-wide cost basis engine to provide access to cost basis data for account statements, investment inquiries and IRS reporting. As the industryâs most comprehensive and automated cost basis and portfolio tax reporting solution, Maxit will deliver significant efficiency enhancements for Raymond James, reducing cost basis reconciliation and other administrative tasks such as corporate actions processing.
As Salit Nagy-Todd Vice President, Raymond James, commented: âOur business is people and their financial wellbeing. Offering our advisors and clients the latest solutions to better manage their investments is a natural extension of this philosophy. What began as a search for a regulatory compliance solution for automating cost basis reporting, quickly developed into the selection of an innovative platform to support our advisors in this rapidly evolving financial services industry. Having researched a number of solutions, we determined that Maxit is the most flexible solution available, enabling us to comply with regulatory cost basis reporting requirements, while still retaining control of how cost basis is integrated with our existing applications.â
âRaymond James has established itself as one of the leading financial service firms and we are delighted to have them as a Maxit client,â said Cameron Routh, Senior Vice President of strategic products, Scivantage. âThis continues the trend of top firms turning to Maxit because they recognize the importance of automated cost basis reporting, not simply as a compliance issue but as a way to drive efficiency and improve client services across the enterprise. Selection by Raymond James is further proof that Maxit has quickly become the cost basis and portfolio tax reporting solution of choice for leading brokerages and investment management firms.â
Scivantage Maxit is the most comprehensive, automated cost basis and portfolio tax reporting system available. This enterprise solution seamlessly integrates with all major and proprietary back office and clearing systems and offers a full suite of tax-based investment decision support tools for financial advisors and individual investors, including:
- Complete, real-time cost basis support for investment product offerings, including stocks, mutual funds, index and stock options, ETFs, and bonds;
- Automated basis adjustments for corporate actions, including complex voluntary actions;
- Automatic wash sale identification and adjustment;
- Broad lot relief method support, including MinTax, a tax efficient method available only with Maxit;
- Customized tax reports for realized and unrealized gains/losses, IRS Schedule D and Form 678.
Maxit also provides support for share class exchanges, RIC treatment of ETFs and a cost basis step-up tool for gifting and inheritance.