Bank statement analysis for financial advisors

The problem

Planning starts with a budget the client fills in from memory, and memory understates spending. The real picture lives in twelve months of statements across current accounts and credit cards, but reading them by hand is not billable and asking for bank login credentials is a non-starter for most clients.

How Karchu helps

Clients export their own statements and upload the files, so no bank credentials change hands. Karchu categorizes the transactions with rules you can inspect and edit, surfaces recurring commitments and subscriptions, and produces category totals and monthly averages you can put straight into a cash flow model. Because the rules are visible, you can show the client exactly how a number was reached.

Recommended workflow

1. Ask the client to upload twelve months of statements into their workspace.
2. Review the automatic categories and adjust the handful that are specific to this client.
3. Read monthly averages by category and the list of recurring commitments.
4. Compare the stated budget to the actual spending pattern with the client.
5. Export the totals into your planning model or the client report.

What users say

Showing a client their real subscription total is the fastest planning conversation I have ever had.

Related pages

• Bank statement analyzer overview
• Automatic transaction categorization
• Pricing
• Other use cases