With compliance deadlines fast approaching, financial institutions are now looking toward new and innovative ways to get the most out of their cost basis reporting investment. From total cost of ownership initiatives to maximizing the value of data, cost basis reporting has financial institutions reevaluating their overall strategy to better balance operational, business and client demands. Celent’s November 2013 research report, “Cost Basis Reporting: Total Cost of Ownership” continues the firm’s ongoing coverage of the Cost Basis Reporting landscape and the industry-wide impact of compliance. With a focus on such considerations as long-term influences of total cost of ownership, cost predictors, and ways to maximize cost basis reporting investment, this report reflects an increasing emphasis among firms on the long-term impacts of cost basis reporting and ways to make their processes more efficient.
Written by Alex Camargo, Analyst, Wealth Management at Celent and sponsored by Scivantage, this report examines the evolving priorities of firms in tax expertise and consultancy services along with cost and value-add functionality. Based on an extensive survey of broker-dealers, mutual funds, transfer agents, custodians, prime brokers and technology providers, the report looks to understand firms' demand for cost basis reporting solutions, technology capability needs by market segment, current/future cost basis reporting budgets, and current/future uses of the data.