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Cost Basis Specialist I

NorthStar Financial Services Group, LLC Omaha, NE

Job Description

The Cost Basis Specialist is responsible for maintaining the accuracy and completion of cost basis and tax lot reporting for all accounts maintained by Orion Advisor Services Group, LLC.

In addition, this role is responsible for ensuring compliance with all IRS and industry regulations related to the recording, retention, update, and transfer of cost basis information and participating in audits related to new development and technology releases.


What does this role entail?


  • Reviews, analyzes, maintains and updates cost basis tax lots for changes due to transactional adjustments, corporate action activity, and related systems and processes.
  • Reviews and maintains quality data in cost basis system to facilitate complete and accurate information reporting.
  • Assists in regression testing to ensure changes to cost basis system do not negatively affect other areas of costs basis or system in general.
  • Works with Account Managers to research and resolve escalated client issues and inquires; occasionally involves calls and/or in person meetings with advisors.


  • Maintains test scenarios to cover all areas of cost basis system.
  • Implements processes and key controls governing day-to-day activities of cost basis function to minimize operational risk.
  • Audits cost basis functions and performs audits of statements, tax forms, and system elevations to ensure information accuracy, elevating any inconsistencies to management for investigation and resolution in order to achieve flawless execution.


What skills and knowledge is needed?

  • General knowledge of back office processing; account transfers, new accounts, tax reporting, statements, corporate actions, customer services, etc.
  • Knowledge and understanding of Cost Basis Reporting with regards to Wash Sale Rules, Accounting Methods (i.e. FIFO), Transfer of Assets, Corporate Actions, Short Sale, Corporate Services and Tax Reporting as well as broker reporting of customer cost basis information preferred
  • Knowledge of rules and regulations associated with the current IRS cost basis and gain/loss calculations with regards to equities, mutual funds, and debt securities preferred
  • General knowledge of the regulations governing Federal and State tax, retirement, and estate account matters preferred
  • Ability to keep up with all of the new rules pertaining to cost basis reporting


Education and Experience:

  • Bachelor's degree in Business Administration, Accounting or related field required
  • Minimum of 1 year of experience working in a similar or accounting-based role required
  • Experience working in the Financial Services industry preferred
  • Orion Series 65 certification must be obtained within 90 days of employment


Job Details

Date Posted October 12, 2018
Date Closes November 11, 2018
Requisition oWCC8fw2
Located In Omaha, NE
Department Data Reconciliation
SOC Category 00-0000.00