Scivantage announced that 1st Discount Brokerage (1DB), an independent brokerage firm, has selected Scivantage Maxit to provide automated cost basis reporting and tax management tools to their network of independent financial consultants and retail traders.

Providing access to accurate, relevant tax information is essential in today's volatile environment, Scivantage, a provider of Web-based, front- and middle-office technology solutions for the financial services industry, said in a release.

As such, 1DB will leverage Maxit to provide on-demand access to critical tax management and portfolio reporting tools, enabling its financial consultants and retail traders to make better trading decisions and to simplify year-end tax filing, according to Scivantage.

Maxit will be available to all of 1DB's financial consultants as a premium service, as well as integrated into their online brokerage platform to help both equities and options traders minimize tax liabilities and increase after-tax performance, the Jersey City, NJ-based vendor said.

The combination of fast and powerful analytics with accurate cost basis data will allow their financial consultants and retail clients to optimize their investment strategies in real-time, Scivantage added. "Tracking cost basis has always posed challenges for both financial advisors and individual investors," said William "Chip" Corley, founder and CEO of 1st Discount Brokerage.

"Leveraging the Maxit technology allows us to serve our financial consultants and retail clients more effectively by providing access to accurate, adjusted cost basis information and enabling them to proactively manage their investments from a tax perspective."

Maxit delivers a range of tools that help financial advisors and individual investors track capital gains, generate Schedule D for tax filing and proactively manage investment tax decisions.

The enterprise solution integrates with all major and proprietary back office and clearing systems and delivers a full suite of tax-based investment decision support tools, including portfolio tracking and optimization; corporate actions; and real-time actionable trade analysis of short-and long-term gain/loss opportunities.