Consider how NetWorth can help you streamline the following processes:
Determining the value of a security can be a daunting task, especially if all of the purchase information is not readily available or is complex. If the security was inherited and the purchase price is unknown, or if the Date of Death value needs to be assessed, NetWorth allows you to accurately determine the value of a security quickly and easily. NetWorth is an invaluable tool in providing valuations in areas such as Estate Planning, Insurance, Litigation, and Forensic Accounting.
As the importance of providing adjusted cost basis information continues to grow, NetWorth addresses verification needs for financial institutions, tax professionals and government agencies alike. For example, in cases where cost basis information has been previously provided, such as account transfers from broker to broker (ACATS), the cost basis should be verified as a part of the due diligence service provided by the receiving broker. Likewise, an accountant should verify the cost basis included in a broker statement to accurately determine a client’s capital gain/loss. For tax agencies, using NetWorth as a verification tool can achieve significant time savings, increase the accuracy of reporting, and recapture potential lost revenue.
Financial services professionals need to fully understand their clients’ investments prior to giving advice. With NetWorth, you can determine your clients’ unrealized gains and losses, ensuring you have the solid foundation of information you need in order to give sound “sell” or “hold” advice. Let your client know that you have done all of your homework on his/her account to ensure the reliability of your recommendation.
There is an increased concern from the IRS over the correct reporting of capital gains taxes. This growing concern in turn puts an increased burden on the taxpayer to submit an accurate Schedule D return. For tax preparation professionals, NetWorth can help eliminate the uncertainty of Schedule D calculations. During the crunch of tax time, when clients have year-end statements from their brokers that may or may not have provided an accurate adjusted cost basis, NetWorth can allow you to offer that service even to your most complex clients. With more than 80 years of historical securities data, you can even provide accurate information for your clients who have inherited stocks and have no idea of the value, or tax obligations.