Contents
Introduction
The following information provides details on how Tamarac handles open/closed lot cost basis and unrealized/realized gain and loss information for custodians that go through a direct integration with the Tamarac platform. It also provides details on your options for custodians not supported within Tamarac.
Here, you'll also find details of how frequently Tamarac updates cost basis data and where you'll see the data.
Open Lot Cost Basis
Where there is a position-level mismatch of cost basis, we offer cost basis syncs at the lot level one business day after receipt of the file from the custodian (dependent on custodian file). Lot level reconciliation will not occur if position-level basis in Tamarac matches the custodian.
Supported Custodians
When available, we will process cost basis for corporate actions on the following frequency, depending on whether gains and losses have been realized.
Unrealized Gains/Losses (open lots)
| Custodian | Open Lots File Frequency |
|---|---|
|
Fidelity - IWS |
Daily |
|
Fidelity - NFS |
Weekly - Only available through Wealthscape download. |
|
Pershing |
Daily |
|
Raymond James |
Daily |
|
Schwab |
Daily |
|
TD Ameritrade |
Daily |
Other Custodians
Tamarac does not manually post cost basis updates for other custodians.
If your firm would like to maintain cost basis data manually in PortfolioCenter, see How to Manually Update Cost Basis. Manually entering cost basis reconciles open lots for that day. However, because of corporate actions, differences in matching methods, and adjustments made by the custodian, the cost basis may not remain reconciled.
To improve accuracy, avoid client confusion, and reduce time spent on data reconciliation, we recommend that you rely on the custodian as the single source of record for tax reporting.
See Open Lot Data in Reports
The following reports that display unrealized gain or loss information or open lot cost basis will match the custodian after date of performed cost basis sync.
| Report Name | Report Type | Data Points |
|---|---|---|
| Amortization and Accretion Report |
|
|
| Bond Analysis Report |
|
|
| Holdings Report |
|
|
| Security Cross-Reference Report |
|
|
| Unrealized Gains and Losses Report |
|
|
| Transactions Report |
|
Total cost at transaction level. This may differ from cost basis shown on Holdings report because Tamarac does not provide cost basis reconciliation. |
| Account Holdings |
|
|
| Account Transactions |
|
Total cost at transaction level; this may differ from cost basis shown on Holdings report because Tamarac does not provide cost basis reconciliation. |
| Security Holdings |
|
|
Closed Lot Cost Basis
The following options are available for closed lot cost basis in Advisor View.
Supported Custodians
Tamarac reads in closed lot cost basis and realized gain loss information provided by the custodian directly into Advisor View for the below custodians. We display closed lot cost basis and realized gain and loss information in the Realized Gains/Losses dynamic and PDF reports and in the Long Term and Short Term Realized Gain/Loss fields on the account in Advisor Rebalancing. . Tamarac does not update realized gain and loss information and will reflect the most recently received file until receipt of the next file. Any prior month basis changes made at the custodian will not be available until we receive the next YTD file, as shown in the Prior Lot Refresh Frequency column.
| Custodian | Closed Lots File Frequency | Prior Lot Refresh Frequency | Prior Year Availability |
|---|---|---|---|
|
Fidelity - IWS |
Daily |
Weekly (YTD) |
Delta Only |
|
Pershing |
Daily |
Daily (Prior Year & YTD) |
Yes (Prior Year) |
|
Schwab |
Daily |
Monthly (YTD) |
Quarterly (Prior Year) |
|
TD Ameritrade |
Daily |
Daily (YTD) |
None (Only YTD) |
Other Custodians
For closed lot cost basis of accounts held outside these custodians, or as an alternate option to reading in closed lot cost basis information provided by the custodian, Tamarac Reporting will calculate realized gains and losses based on the open lot cost basis in the system and the transactions provided by the custodian. This option may produce realized gain or loss and closed lot cost basis information on Tamarac Reporting reports different from the custodian because Tamarac does not provide cost basis reconciliation for closed lots.
Some factors that cause differences with the custodian are a mismatch between closing lot methods between Tamarac Reporting and the custodian, or wash sales. For the same or similar reasons, the calculated Realized Gains/Losses report may not align with any current or prior realized gain or loss reporting provided by the advisor and/or other sources.
See Closed Lot Data in Reports
The following reports provide the option to include realized gain and loss information and/or closed lot cost basis that will match the custodian when you turn on one option. We may reflect this data one day after we receive it from the custodian.
| Report Name | Report Type | Data Points |
|---|---|---|
| Comparative Review Report |
|
|
| Realized Gains and Losses Report |
|
|
| Account Billing History |
|
|
| Account Excluded Securities |
|
|
| Account Information |
|
|
| Account Transactions |
|
|
| Billing Group Adjustments |
|
|
| Billing Payment Details |
|
|
| Billing Prior Outstanding Balance |
|
|
| Group Members |
|
|
Corporate Actions
Tamarac will process corporate actions as necessary to maintain share reconciliation with the custodian. Be aware, however, that corporate action processing can cause cost basis discrepancies.
Supported Custodians
When available, we will process cost basis reconciliation at the following frequency:
| Custodian | Open Lots File Frequency |
|---|---|
| Fidelity - IWS | Daily |
| Fidelity - NFS | Weekly - Only available through Wealthscape download. |
| Pershing | Daily |
| Raymond James | Daily |
| Schwab | Daily |
| TD Ameritrade | Daily |
Other Custodians
Tamarac does not correct open lot basis after corporate actions for other custodians. If your firm would like to correct cost basis in PortfolioCenter after corporate actions, see How to Manually Update Cost Basis.