SIX launches Tax on Instrument service to streamline wealth advisory decisions

By Joy Dumasia

SIX launches its “SIX Tax on Instrument” service to provide client advisors and portfolio managers in the Wealth Advisory industry tax classifications on individual securities. The service allows users to analyse the tax consequences of financial products, anticipate the tax-related costs of investment in that security, and find better investment options. 

While the existing product “SIX Tax Score” addresses the overall tax suitability aspect of financial products by looking at the tax cost of an investment, “SIX Tax on Instrument” is geared at pre-investment workflows in Wealth Advisory, allowing for more detailed portfolio simulations and portfolio constructions from a tax perspective. 

” SIX Tax on Instrument” enables clients to access up to 60 data fields per tax regime covering financial products such as Equities, Bonds, Funds and Structured Products with attributes on Income Tax, Wealth Tax, Capital Gains & Losses Tax, and generic tax details. “SIX Tax on Instrument” currently covers the UK, Switzerland and France tax jurisdictions with plans to expand to a further 13 countries in the future, including Belgium, Luxembourg, Italy, Spain and the US, among others.

SIX worked with market-leading partners Investment Navigator and NOVERAS to develop the service. NOVERAS acts as a content provider, enriching the data received from SIX with additional tax attributes and organising the fiscal data categorisations. Investment Navigator receives this enriched data and shares these tax insights with users through its platform and API, enabling automated, rule-based tax suitability assessments to identify tax harmful products.

Marion Leslie, Head Financial Information & Executive Board member, SIX, said: “This latest tax offering is a great addition to our suite of tax data services, designed to increase efficiency and reduce tax complexity for the Wealth Advisory industry, enabling improved targeting of investments and portfolios.”

IBS Intelligence reported that Tim Grant joined as Head of SDX in March 2020 will stand down and hand over the reins to David Newns, an International capital market expert with a strong background in the regulated financial services industry.