Why Financial Advisors (IFAs) Choose BankScan AI
Independent financial advisors reviewing client finances need to analyse bank statements to understand spending patterns, income, and savings capacity.
How BankScan AI Helps Financial Advisors (IFAs)
Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations.
The Financial Advisors (IFAs) Bank Statement Workflow
For financial advisors (ifas), the core challenge is turning unstructured PDF data into actionable, organised records quickly enough to stay on top of deadlines. BankScan AI eliminates this bottleneck by handling the data extraction automatically, so financial advisors (ifas) can focus on analysis, client advice, and compliance rather than manual data entry.
How Financial Advisors (IFAs) Use Bank Statement Data
IFAs request bank statements during fact-find meetings to assess client income, expenditure patterns, existing commitments, and savings capacity. They analyse statements to build cashflow models, identify surplus income for investment, and support suitability reports. Statements are also reviewed during annual client reviews to track changes in financial circumstances.
Key terms you'll encounter: fact-find, suitability report, attitude to risk, capacity for loss, income and expenditure analysis.
How It Works
Upload any bank statement PDF
Supports all major UK and US banks. Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
AI extracts every transaction
Our AI reads the PDF and pulls out dates, descriptions, amounts, and balances — formatted for financial advisors (ifas) workflows.
Download your spreadsheet
Get a formatted Excel file ready for Intelliflo, CashCalc, Excel or direct analysis.
Peak Period Tip for Financial Advisors (IFAs)
Tax year-end (March-April) for ISA and pension contribution planning, plus September-October for annual review season and January for new year financial planning
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features Financial Advisors (IFAs) Love
- Built for Financial Advisors (IFAs) — Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
- Software compatible — Output works directly with Intelliflo, CashCalc, Excel
- Peak period ready — Handles high volumes during tax year-end (march-april) for isa and pension contribution planning, plus september-october for annual review season and january for new year financial planning
- Solves your challenges — Analysing client spending patterns from bank statements to determine realistic surplus income for investment without understating living costs
Compliance Considerations for Financial Advisors (IFAs)
When handling bank statement data, financial advisors (ifas) must comply with relevant regulations.
- FCA rules require IFAs to conduct thorough fact-finds and demonstrate suitability of advice. Bank statements form part of the evidence base for suitability reports. Consumer Duty obligations require advisors to demonstrate they understand client financial circumstances. Records must be retained for the FCA's required period.
Start Converting — Built for Financial Advisors (IFAs)
Join financial advisors (ifas) across the UK who save hours every week with BankScan AI.
Try Free — Built for Financial Advisors (IFAs)