Scivantage Launches Tax Lot Data Add-on for Wealth Managers

The tool will provide accurate updates and dynamic reconciliation for tax lot information to power client reporting, statements, management dashboards, among other operational processes. Maxit clients will also have direct access to their database to use the data as needed to support internal goals and objectives.

"Cost basis data is really quite powerful. It is the most granular transactional information available and, when used properly, it provides the foundation for significant improvements in the client experience," says Job Dennison, vice president at Scivantage. "Maxit RDS refines cost basis data in real-time and puts it in an easy-to-use, easy-to-access format that can be tapped by a firm's downstream systems and applications. We're now starting to move beyond compliance and are seeing the value cost basis can add for retail investors and professional advisors."