Leading Brokerage Firm Converts to Scivantage Maxit® for Automated Cost Basis Reporting

CS_Max_conversionOne of the provisions of the Emergency Economic Stabilization Bill of 2008 required financial intermediaries to report adjusted cost basis information to their clients and to the IRS. In response, financial services firms rushed to put in place major system upgrades in their cost basis reporting systems, only to find that the solutions they chose were not necessarily scalable to their enterprises. But even when dissatisfied with their existing systems, some brokerage firms have been hesitant to convert to a different reporting solution because of the potential risk of new system limitations and the perceived effort required to undertake such a conversion. However, one leading brokerage firm discovered that converting to Scivantage Maxit was not only a smooth process, but it resulted in significantly lower support costs, improved trading efficiencies and better client service.


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