KANSAS CITY, Mo., Aug. 4, 2011 /PRNewswire/ -- 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 HomeOffice is adding a new layer to its online Communications Center to address unmet demand from the dealer community for an industry-wide online database of contact information to aid in the management of Cost Basis. Vision HomeOffice will soon make dealer-level information available, including key contacts; email; phone numbers and mailing addresses. Vision HomeOffice has long provided a "phone book" feature to enable dealers to contact product companies as part of daily operations. With the recent legislation, firms are now passing basis details to each other and have a need to communicate when there are exceptions.
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.
DST Systems, Inc. provides sophisticated information processing and computer software products and services to support the mutual fund, investment management, insurance and healthcare industries. In addition to technology products and services, DST provides integrated print and electronic statement and billing output solutions through a wholly owned subsidiary. DST's world-class data centers provide technology infrastructure support for mutual fund companies, healthcare providers, banks, mortgage bankers and insurance companies around the globe. DST is headquartered in Kansas City, Mo., and is a publicly traded company on the New York Stock Exchange.
The information and comments in this press release may include forward-looking statements respecting DST and its businesses. Such information and comments are based on DST's views as of today, and actual actions or results could differ. There could be a number of factors, risks, uncertainties or contingencies that could affect future actions or results, including but not limited to those set forth in DST's periodic reports (Forms 10-K or 10-Q) filed from time to time with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this press release to reflect future events. Brand, service or product names or marks in this press release are trademarks or service marks, registered or otherwise, of DST Systems, Inc., DST subsidiaries or affiliates, or third parties.
SOURCE DST Systems, Inc.