Wave + Financial Advisors (IFAs): Faster Bank Import
Independent financial advisors reviewing client finances need to analyse bank statements to understand spending patterns, income, and savings capacity. If you use Wave for your accounting, you need a fast way to get bank statement data into the system.
BankScan AI for Financial Advisors (IFAs) Using Wave
BankScan AI converts any bank statement PDF to CSV formatted for direct import into Wave. Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations.
The Financial Advisors (IFAs) + Wave Workflow
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.
How It Works
Upload any bank statement PDF
Supports all major 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 formats for Wave
Output as CSV with Date, Description, Amount — Wave supports both single amount column and separate Income/Expense columns — dates in YYYY-MM-DD or MM/DD/YYYY.
Import and reconcile
In Wave, go to Banking > Connected Accounts > Upload a bank statement (CSV). Select the file, map columns to Date, Description, and Amount, then import. Wave's invoicing is tightly coupled with bank imports — when you import a bank deposit, Wave suggests matching it to outstanding invoices automatically.
Supported Banks
BankScan AI works with all major UK and US banks, including:
Wave Features for Financial Advisors (IFAs)
- Wave ready — Output formatted as CSV matching Wave's expected column structure
- Smart integration — Wave's invoicing is tightly coupled with bank imports — when you import a bank deposit, Wave suggests matching it to outstanding invoices automatically.
- 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
Import Steps for Financial Advisors (IFAs) Using Wave
As financial advisor, here's how to get bank data into Wave:
- In Wave, go to Banking > Connected Accounts > Upload a bank statement (CSV)
- Select the file, map columns to Date, Description, and Amount, then import
Common Import Issues
Wave's free tier has occasional processing delays on large files. Also, Wave uses MM/DD/YYYY by default which conflicts with UK DD/MM/YYYY — select the correct format during import.
Wave Import — Built for Financial Advisors (IFAs)
Completely free with no paid tier for accounting features (monetised through payment processing). Popular with budget-conscious startups and side-hustlers.
Try Free — Wave + Financial Advisors (IFAs)