SIX announces the launch of its Tax on Instrument service which seeks to provide client advisors and portfolio managers with tax classifications on individual securities.
Developed alongside firms such as Investment Navigator and NOVERAS, the service allows users to analyse the tax consequences of financial products, to anticipate the tax-related costs of an investment on that security and to find better investment options.
The announcement comes as a result of an increasing need among wealth advisors for detailed tax cost indicator information and additional tax categorisation attributes to help them make projections for expected returns, according to SIX.
Marion Leslie, head financial information and executive board member at SIX, comments: “This latest tax offering is designed to increase efficiency and reduce tax complexity for the Wealth Advisory industry, enabling improved targeting of investments and portfolios.
”SIX Tax on Instrument” allows clients to access up to 60 data fields per tax regime covering financial products such as equities, bonds, funds and structured products with attributes on income tax, wealth tax, capital gains and losses tax, and generic tax details.”
The service will be available via standard reference data feed or via suitability platform or API, to allow for easy integration into clients’ existing systems.
