Cost Basis Reporting: Firms Reveal Biggest Needs, Drivers Behind Conversion of Legacy Systems

Untitled design (2)After quickly putting in place major system upgrades to meet new cost basis regulations several years back, many financial services firms have now realized that their solutions were not necessarily scalable to their enterprise or sufficiently flexible to adapt to the ongoing evolution of the requirements. Yet, even when dissatisfied with their existing systems, some firms have been hesitant to convert to a different reporting solution because of the potential risk of new system limitations, the significant investments made in their first system, or the perceived effort required to undertake such a conversion.

Over the last 12-18 months, Scivantage has consulted with a cross section of firms evaluating alternatives to their current cost basis solution. Not surprisingly, common themes and challenges emerged during these discussions. We’ve captured the most significant system deficiencies impacting efficiency, cost and execution. Here are the major drivers of conversions in the marketplace and how we are solving these challenges with Scivantage Maxit®.

Download Now Button

Posted in Bank Broker-Dealer, Bank Custodian, Clearing Firm, Full Service Broker-Dealer (Wirehouses and Regionals), Independent Broker-Dealer, Mutual Fund, Online Brokerage, Prime Brokerage, Scivantage Maxit, Whitepapers and Research and tagged , , .