*Post written by Shaun Christensen, an IFS Project Manager
Work days get longer and busier during tax season for most brokerage firms. With retirement deadlines to meet, tax filing, reporting obligations and increased call and processing volumes, staff members have to work overtime and weekends to keep up with the demands of tax season. In fact, most brokerage firms bring in extra staff to help with the additional work, and many will even provide lunches and dinners to thank their staff for their hard work. For brokerage firms, the weeks leading up to the tax filing deadline are burdensome and, well, taxing.
In an effort to improve the tax season experience for their advisors, employees and end clients, many brokerage firms are turning to IFS’s process automation solutions, most notably, our Asset Movement Solution. This solution automates many of the high volume processes during tax season such as ACH, check, journal and Fed wire processing. As a result, our Asset Movement Solution increases efficiency with straight-through-processing, enhances accuracy and reduces processing times and re-work.
The accuracy, efficiencies, and advisor experience benefits of our Asset Movement Solution have been proven, with many of our clients reporting a successful 2016 tax season. In fact, one of our Asset Movement clients reported their best tax season to date due to their investment in the IFS Asset Movement Solution. The client reported the following 2016 tax season highlights:
- IRS form 1099-R and 5498 tax corrections dropped from 4.19% to .67%
- Temporary employee and overtime expenses were reduced by 54%
- Overall money movement activity increased over 45% from the previous year
- 50% of the overall volume now handled by straight-through-processing, compared to 0% the previous year
- Call service levels improved from 46% to 84% as a result of enhanced status transparency and less transaction errors
Want to learn how IFS can make your tax season a little less taxing? Click the button below to get in touch: