Is your firm ready to comply with the new cost basis rules for equities purchased in 2011? Have you identified positions that do not match the cost basis at your custodian? Will you be ready to produce accurate realized gains/losses reports by tax- time for your clients, and be confident that the reports are correct? These are some of the areas where BaySys can help your practice.

Wading through report results can be daunting, depending on your data, and your custodian(s). Advent Software has developed a utility that will enable you to post cost basis information into Axys, which will then enable your firm to run reports showing positions that do not match. Many clients are not aware of the utility, or if they are, do not know how to run the report. And even if they have, they are confused by the results and don't know what to do.

BaySys has worked with many firms to help them get a grasp of the scope of their Cost Basis Reconciliation. We can work with your firm on a consulting basis to help you understand the process. Some firms have contracted with BaySys to connect to their system and run the procedures and programs to generate reports – then the advisor takes over the task of communicating any changes with the custodians.