Helping Custodians Meet Client Compliance and Service Needs
NetBasis provides custodians with the functionality needed to ensure compliance with new cost basis reporting legislation - and to deliver the high-quality service their clients expect.
| From a service standpoint, NetBasis enables custodians to add value and meet client expectations by: |
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Providing current cost basis information for all positions in a client's portfolio, including those acquired before the legislation's effective date |
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Putting powerful portfolio management capabilities into the hands of customers, including a tax optimization tool for running “what if” and tax lot relief scenarios around the various lot accounting methods (e.g., LIFO, FIFO, specific lot) |
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Deploying NetBasis throughout a call center, so that agents can provide superior service to callers |
Essential Compliance Capabilities
NetBasis provides custodians with a wide range of capabilities vital for regulatory compliance, including: |
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Support for FIFO, specific lot and average cost (for mutual fund and DRiP shares) lot relief methods |
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Characterization of realized gains/losses as short-term/long-term |
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Tracking of all corporate actions affecting a security |
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Correct accounting for the conversion of mutual fund shares from B to A class |
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Compliance with all applicable IRS rules on wash sales, short sales, gift shares and date of death valuation |
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Verification/correction of cost basis information of older share lots received from other financial intermediaries |
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Delivery of cost basis-related information to counterparties within 15 days of a customer account transfer |
Offering a variety of implementation options, NetBasis can provide high-volume batch processing for one-time, periodic or ongoing cost basis reconstruction/verification and feeding of tax systems or Form 1099 preparation applications. NetBasis can also host data, serve as a desktop resource for call center agents, or be offered directly to clients via the Internet.
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