Processing brokerage account statements can be a taxing task for financial advisors, especially as they accumulate. Manually extracting details from each statement is tedious, time-consuming, and error-prone, leading to inefficiencies.
Thankfully, advanced technologies can simplify this task. This article will guide you through extracting portfolio holdings data from PDF brokerage account statements using AI and OCR technology, making the process simpler and more efficient for financial advisors.
Choosing an effective OCR and AI-based brokerage account statement scanner is essential for ensuring accuracy and efficiency.
We recommend Investipal, an advanced OCR and AI solution specifically built for financial advisors that captures brokerage account statement portfolio holdings data with 95% accuracy.
Investipal processes various formats, automatically converting PDF brokerage account statements into usable data quickly.
After selecting your scanner, the next step is to upload your PDF brokerage account statement into the extraction software. Here's how:
Once the documents are uploaded, Investipal’s software will automatically extract the portfolio holdings data:
Since Investipal is a fully integrated portfolio management platform, after reviewing and validating the data, you can keep it within Investipal to:
If you would like to export the data, then you can download it for further use.
Brokerage account statement data extraction software uses AI and OCR technologies to automate the extraction of data from financial documents. The software scans documents, identifies relevant data points, and converts them into a machine-readable format, simplifying data management for financial advisors.
Combining OCR technology with AI forms Intelligent Document Processing (IDP). IDP uses AI to enhance OCR capabilities, improving accuracy and handling more complex data extraction tasks. This combination offers a robust and efficient solution for processing brokerage account statements.
OCR technology converts documents like scanned paper documents, PDF files, or images into editable and searchable data. In financial advisory, OCR is used to extract data from brokerage account statements, reducing the need for manual data entry and minimizing errors. AI enhances OCR by improving accuracy and handling more complex data extraction tasks.
AI and OCR technologies can transform how financial advisors handle brokerage account statement analysis and portfolio management. This step-by-step guide shows you how to use these technologies to save time, reduce errors, and provide more accurate and insightful advice to your clients. Learn how Investipal’s solutions can help streamline your brokerage account statement analysis and improve your practice. Contact us today to schedule a demo and learn more about our innovative tools.
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