Advent Software, a provider of software and services to the investment management industry, has made product and data services enhancements to address the upcoming cost basis rule change, which will require financial custodians to report adjusted cost basis information to the IRS via Form 1099.
According to the company, the product and data services enhancements will make it easier for investment management firms to stay in sync with their custodians, brokers and trading partners, and will also help clients be more efficient by supporting new workflows resulting from the cost basis reporting regulations.
The company has made updates to custodian interfaces, reports and trading integration points to facilitate cost basis reporting and reconciliation.
Advent senior director George McLaughlin said over the past year, Advent has focused on understanding and evaluating the impact of cost basis legislation on our clients in order to help them minimize the operational impacts of complying with the new regulations.
"Through our program of workflow enhancements, client advocacy and training and education, we are confident that our clients will be able to successfully navigate the cost basis legislation changes in 2011 and beyond," McLaughlin said.