SIX launched its “Tax on Instrument” service to provide client advisors and portfolio managers in the Wealth Advisory industry with tax classifications on individual securities. The service allows 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.
Through this new enriched tax data service, clients will be able to access up to 60 data fields per tax regime covering financial products such as Equities, Bonds, Funds and Structured Products with additional attributes.
Tax information made transparent
NOVERAS enriches the data with attributes on Income Tax, Wealth Tax, Capital Gains & Losses Tax, and generic tax details, which allows customers to gather in-depth understanding of after-tax implications and help them make tax knowledgeable investment decisions (“tax overlay”), in accordance with the client’s tax domicile.
A user-friendly interface with tax suitability
With the User Interface from Investment Navigator, you can cover all your tax information needs in one solution which is even able to provide automated rule-based tax suitability assessments to identify tax harmful products. The interface features a myriad of data from SIX such as VDF Reference Data, SIX Tax on Instrument, Tax Reference Data, SIX Tax Score® and an option to add DocHub documentation. This new interface with its tax suitability checks blends in seamlessly with the other Investment Navigator services for a compliant and efficient investment product distribution across asset classes.
Yves Fischli, Managing Partner, NOVERAS, commented: “We are pleased to partner with SIX and are proud to serve as fiscal content provider for SIX Tax on Instrument. We are convinced that this offering will further strengthen worldwide financial actors of all sizes in serving and attracting clients who increasingly include tax considerations into their investment decisions.”
Alberto Rama, Co-Founder & CEO, Investment Navigator, said: “The impact of tax has undeniably become an important part of a holistic approach to investment advice and needs to be considered within an automated product eligibility and suitability process. The Tax on Instrument service from SIX, NOVERAS and Investment Navigator is a milestone for the financial industry as it offers financial service providers access to tax intelligence and data easier than ever before. We are delighted to be part of this innovative partnership. ”
Markus Benz, Senior Account Manager, Financial Information, SIX, added: "The partnership with NOVERAS and Investment Navigator allows us to further expand our offering of flexible tax data services for our clients. Thanks to the enrichment of tax data with NOVERAS and the flexible delivery platform of Investment Navigator, tax data from SIX can efficiently be used in the investment advisory.”
Further information about SIX Tax on Instrument is available here.