The new wealth management software platform enables automated tax lot reconciliation process that automatically synchronizes tax lots to back-office custodians, eliminating 99.8% of manual intervention for tax lot reconciliation – saving wealth management firms and advisors valuable time, improving auditability and reducing the scope for error.
With its latest enhancements, the FolioDynamix’s platform enables the advisor, overlay manager, or investment manager to see the full picture of available options across custodians, including the potential gain or loss of a recommended trade, and enables them to automate reconciliation of millions of tax lots on-demand – an effort that has been nearly impossible for advisors to manage manually.
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In addition to automated tax lot synchronization, the FDx SingleSight 6.2 release also includes notable enhancements for reporting, performance management and business activity monitoring, including: new advisory sales reports; additional dashboard alerts; revamped, client-friendly position and balance reports and new and updated charts and graphs within the client performance reports.
FolioDynamix senior vice president of products Aaron Schumm said with the fluctuating financial markets, uncertain and evolving tax laws and increased expectations from clients, wealth management firms and advisors are challenged with trying to optimize the tax consequences of trades to favor clients, and coordinating with multiple custodians and ensuring alignment for 1099 reporting compliance adds even more complexity.
"With the release of FDx SingleSight 6.2, we are now able to deliver a solution to these business problems," Schumm said.
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