LOYAL3 Selects Scivantage Maxit® for Cost Basis Reporting

Jersey City, NJ10 June 2013

Maxit helps LOYAL3 meet IRS regulatory reporting requirements

Scivantage®, an independent financial technology provider with proven expertise in online brokerage, tax and portfolio reporting and wealth management applications, announced today that LOYAL3 has selected Scivantage Maxit® for cost basis reporting. LOYAL3 offers a technology platform that enables individual investors to buy stock in their favorite companies on Facebook or the web easily, in affordable amounts and with no fees to buy or sell stock.

In order to comply with the IRS cost basis reporting regulations, LOYAL3 selected Maxit for its flexible front-end platform, subject-matter expertise, vendor-agnostic technology and speedy implementation time. Scivantage was able to integrate the Maxit cost basis extract module with LOYAL3’s form 1099 provider to ensure that all 2012 1099s were accurate and completed for investors well in advance of the April deadline. Working with Scivantage, LOYAL3 was able to ensure all cost basis data was accurate and easily accessible in order to respond to any inbound questions or requests from clients.

“As a start-up, we were looking for a partner who was well-known in the cost basis reporting space and mirrored our focus on innovation and technology,” said Katrina Peck, Senior Director of Brokerage Operations at LOYAL3. “Working with the Scivantage team we were able to generate our 1099s early, while easily fielding investor calls. Having a customized solution like Maxit allowed us real-time access to cost basis data which enabled us to improve our client experience and focus on growing the business.”

“Successfully navigating the complex nature of the cost basis reporting regulations requires superior cost basis processing, multi-system integration and back office understanding, as well as resources for updates and enhancements,” said Job Dennison, Vice President, Investment Reporting at Scivantage. “This can add significant overhead to a firm. Maxit allows financial firms to focus on their core business by taking on the heavy data lifting and ensuring compliance through accurate reporting. LOYAL3 is an innovative company that makes stock trading accessible to retail investors through social media channels, and we look forward to working with them as they continue to grow.”

Scivantage Maxit is the only fully automated, real-time solution that provides accurate, adjusted cost basis reporting through a highly configurable platform. Maxit enables broker-dealers, mutual funds, custodians and prime brokers to streamline tax and portfolio reporting and deliver a superior client experience, while reducing operational costs and meeting regulatory requirements.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development