Jeffries Selects Wolters Kluwer Tax Tool

Jeffries has selected Wolters Kluwer Financial Services’ GainsKeeper solution for cost basis reporting compliance.

GainsKeeper calculates, tracks and reports cost basis, adjusted for corporate actions and wash sales for 1099 tax reporting and offers a suite of tax tools for brokerages, mutual funds and hedge funds.

“Following an extensive evaluation of service providers, we chose GainsKeeper because it delivers the most extensive and centralized broad-based automated cost basis services,” says Laura Shiflett, vice president of Customer Reporting at Jefferies. “This will give us the flexibility to ensure accurate Form 1099-B reporting and help solve for the increasingly heavy reporting burden so we can focus on meeting all the needs of our customers.”

“Effective cost basis reporting compliance requires a significant commitment from an organization,” says Jim Richardson, director of Investment Compliance Solutions at Wolters Kluwer Financial Services. “It is important for us to provide our clients with an end-to-end solution to avoid the potential data quality and workflow issues inherent in multiple-vendor systems.