A simple question. A complicated answer.
For this wealth manager, a client question about cost basis or gains could become a multi-day investigation. Answers depended on two specialists working across legacy systems, while client reporting was assembled by hand.
The firm’s positions often reconciled cleanly. Beneath them, roughly one tax lot in twelve carried a difference in cost basis. Amortization methods, lot-relief mismatches, reinvestments and corporate actions created drift that position-level checks could miss.
Bring the detail into the daily process.
Boagent began with the firm’s existing process and worked alongside its systems through file exchange. Daily runs bring together data from four systems, reconcile the portfolio management system against custodians and DTCC, classify breaks by root cause, and prepare counterparty emails for review.
Previously manual cost-basis reconciliation now runs at the lot level, with a shareable dashboard for the team.
“It puts reconciliation in a friendlier, more usable context”Director of Operations, $8.5B RIA
Put the broader team in charge.
The operations team remains in charge of judgment calls and sign-off. Staff can describe rule and report changes in plain language, with each change documented. As new types of drift appear, the process can evolve.
Reconciliation coverage now extends beyond the two specialists to the broader operations team. Daily-verified lots support same-day answers to client questions about basis and gains.
A clearer basis for client decisions.
The firm saves 825 analyst-hours each quarter, giving its team capacity for more frequent tax optimization. That work enables a projected $4–5 million in annual tax benefit across client accounts.
The annual tax-benefit estimate reflects the client’s projections and assumptions. Photography is illustrative and does not depict the client.
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