DST Systems is adding a new feature set to its DST Vision and DST Vision HomeOffice web sites to help financial intermediaries meet the operational requirements of Cost Basis legislation.
Vision and Vision HomeOffice are the industry's most widely used web-based account aggregation sources for financial advisors and for broker-dealers.
DST Vision is adding a number of tools to help advisors manage their customers' cost basis needs. Within Vision, advisors can manage their clients' basis method elections, track gain/loss on transactions, as well as utilize the hypothetical calculator to determine gain/loss on redemptions.
Both sites will soon feature a Cost Basis Learning Center—a repository of educational and reference material about the legislation itself, as well as videos that describe the changes within Vision and Vision HomeOffice to help intermediaries manage tasks associated with complying with the new rules.
"As we observe the challenges that the securities industry faces to meet regulatory requirements, we want to proactively do our part to assist with the operational and administrative needs," said Kelle Hennier, product manager in charge of Vision HomeOffice for DST Systems. "With the Cost Basis legislation compliance date for mutual funds fast approaching, these new tools will simplify the implementation and ongoing management of these new legal requirements for intermediaries."
Nearly 400 product companies, including mutual funds, variable annuities and REITs, participate in DST Vision and Vision HomeOffice. Vision is currently used by 140,000 advisors, and Vision HomeOffice is used by more than 3,000 broker-dealer and trust companies.