Scivantage Cost Basis Industry Innovator, Cameron Routh, Continues to Transform Product Suite
Jersey City, NJ (PRWEB) February 23, 2016 -- Scivantage®, a Global FinTech 100 technology provider of Wealth Management and Cost Basis solutions, announces the newest addition to its product line, Sqope Tax. Envisioned and developed by a veteran team led by Cameron Routh, Chief Commercial Officer, Tax & Analytics at Scivantage, Sqope Tax takes compliance data and turns it into strategic insight.
Mr. Routh has been a key figure in the cost basis solutions industry for almost two decades, co-founding one of the early cost basis vendors in 1999. At this time, cost basis solutions focused more on providing basic, non-reportable information to the consumer and less on how the institution needed to deliver it. During this period, Mr. Routh gained valuable insight into the data required to support cost basis, the needs of operations teams responsible for it, and how that information was distributed to clients and down-stream applications. In the process, Mr. Routh recognized there were better ways to deliver cost basis. When he came to Scivantage, he tapped this knowledge to develop Maxit™, a highly automated enterprise cost basis solution. “As we talked with financial institutions, we realized that many other cost basis solutions required substantial intervention to produce accurate results. The effort in processing data and distributing cost basis output downstream or to tax reporting systems was highly manual and wildly inefficient,” noted Routh. “We set out to build a solution that delivers accurate and timely reporting while also creating a more efficient workflow process, allowing clients to focus time and resources on more strategic aspects of their business. We accomplished this with Maxit and continue to build on that foundation.”
Recently cost basis reporting has been a prominent topic in the industry, with new regulations enacted in phases over the last five years, with the last phase, complex debt processing, rolling out for 2016 tax reporting. Routh has continued to keep the Maxit solution at the forefront of the cost basis industry, recently having completed development and testing of new functionality to support the regulations on complex debt securities.
Now Mr. Routh is looking forward again. “From the outset, we’ve viewed cost basis with a dual purpose. The obvious, immediate demand was one of compliance: delivering a solution that helped financial institutions adhere to the 2008 Cost Basis Reporting legislation. The other side was leveraging the same data to offer pre-trade tax management tools to help investors and advisors better manage their portfolios, minimize tax erosion of assets and maximize after-tax performance,” said Routh. “Our team has long recognized the opportunity for providing investors with better analysis and more control over the tax impact of their portfolios. We are now in a position to help clients turn a cost center into a profit center, by way of a comprehensive set of analysis tools that help minimize tax outflows while simultaneously facilitating asset-gathering via strengthened client relationships.” This vision produced Scivantage’s Sqope Tax, a tax management solution to help investors make better and more efficient investment decisions.
“Sqope Tax is a perfect example of Scivantage’s mission of continuous innovation. By providing new ways for our clients to deliver unique tools to their end-clients, we help set them apart from their competitors and help them grow their business,” said Chris Calhoun, Chief Executive Officer at Scivantage. “Having an industry expert and innovator like Cameron allows Scivantage to continue to propel the industry to new levels.”
About Scivantage
Scivantage® is a Global FinTech 100 technology provider of Wealth Management and Cost Basis solutions. With proven expertise in online brokerage, tax and portfolio reporting, and wealth management applications, Scivantage delivers intelligent and actionable information that goes beyond the boundaries of traditional financial software, helping improve investment decisions. Leading financial institutions, including broker-dealers, mutual fund companies, bank custodians, trust and prime brokers, depend on Scivantage’s cloud-based technology to achieve critical business insights, generate new revenue and build stronger customer relationships. For more information, please visit http://www.scivantage.com or contact us at +1.866.724.8268.
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Claudine Martin, Scivantage, http://www.scivantage.com, +1 617 671 1184, [email protected]
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