NEW YORK, May 31, 2017 /PRNewswire/ -- Silver Management Group, Inc., a trusted provider of regulatory cost basis solutions, announced today that its business process outsourcing (BPO) services team successfully achieved its goal of performing accurate cost basis operations for more than one million investment accounts per full-time employee (FTE). In doing so, Silver's BPO team has also identified ways to realize additional operational efficiencies through various product innovations.
Since the onset of broker reporting regulations in 2011, Silver has provided clients with a variety of cost basis operational services, including processing of corporate actions, simple & complex debt, reclassifications, and reconciliations. Last year, in support of growing client demand, Silver established a dedicated BPO team along with a challenging performance objective to process one million accounts per FTE.
"Silver's cost basis BPO team has exceeded all internal and client expectations," according to Jim Snyder, Director of Client Business Operations. "The team not only accomplished its service level objective, it was also instrumental in a very successful tax reporting season for all Silver clients." Snyder added that "eating our own dog food has enabled the Silver BPO team to identify and recommend several Cost Basis product enhancements which have already been scheduled for release this year."
Among the planned Silver Cost Basis enhancements are real-time reconciliation & exception processing tools, improved zero-break corporate action processing, streamlined gift & inheritance transfer processing, and advanced cost basis explainers, which provide operations and customer support personnel with easy-to-understand graphical representations and natural language descriptions of complex cost basis calculations.
About Silver Management Group, Inc.
Silver is a leading provider of business and technology solutions for the investment services industry. The Silver team applies decades of securities industry and software development experience, along with a passion for solving real-world problems, to deliver cost-effective brokerage operations and wealth management solutions for our clients. Silver's strategic partners provide complementary services, software, and market data to enhance Silver solutions. Silver's proprietary software solutions are currently used by some of the world's most respected financial institutions to process tens of millions of investment accounts and more than $1 trillion in assets.
For more information, please call (800) 319-6865 or visit www.silvermanagement.com.
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SOURCE Silver Management Group, Inc.