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The Money tab on a client shows every account Advisor knows about, with balances and how they change over time. Accounts arrive in two ways:
  • The client connects a bank in their portal.
  • A statement is read from a document and you approve it.

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How clients connect a bank

Only the client connects a bank. Your firm never holds the bank consent and never sees the client’s bank password. Banks are connected through Open Banking under Australia’s Consumer Data Right (CDR). Any Australian bank that takes part in the CDR can be connected. Access is read-only.
1

Ask for bank connections

Add a Connect banks item to a checklist. From an empty Money tab you can also select Request bank connections.
2

The client chooses a bank

In their portal, the client searches for their bank and selects Connect. If no bank in the list matches, Choose at your bank lets them pick it on the consent screen.
3

The client gives consent

The client is taken to a secure consent screen, signs in with their bank, and chooses what to share.
4

Accounts arrive

The client returns to the portal. Their accounts and today’s balances appear straight away, and the Connect banks item is marked done.
  • Up to 24 months of transaction history loads in the background.
  • A line such as “Anna connected CommBank” is posted in the client’s messages.
  • The client can connect more banks later from Accounts with Connect another bank.

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The Money tab

At the top, a chart shows the client’s position over time. Choose:
  • Measure: Net position, Assets or Debts.
  • Accounts: All accounts or one type of account.
  • Period: 30 days, 3 months, 6 months, 12 months or All time.
The line starts once there is a week of balances. The time of the latest bank refresh shows beside the filters. Below the chart, accounts are listed under their type: Each row shows the account name, institution and type, the masked number and the balance. Each group shows its total and its change over the period. Select a group to fold it away. The Summary at the right breaks down the client’s assets and debts, as Totals or Percent, with the Net position below.

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The account panel

Select an account to open its panel. It shows:
  • The Balance and the date it is As at.
  • The account number (masked), Kind, Institution and Source.
  • Shared until: the date the client’s consent ends, for a connected bank.
  • Balance history: one balance a month for a connected bank, or each statement’s balance for an account from documents.
  • Statements read for the account, with View to open each one.
For a connected bank, the … menu has Refresh now and Disconnect.

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Balances from documents

When Advisor reads a bank, credit card, loan or super statement, it matches the statement to an account by institution and last four digits. If there is no match, it adds a new account from the document. The statement’s balance is proposed, not accepted:
  • The account shows To check and is left out of the summary.
  • The To check list in the Summary lists every account waiting on you. Select Check balance to open it.
  • Approving the document in the viewer also accepts its balance.
In the account panel you can:
  • Select Accept balance.
  • Select Edit values to correct the institution, account name, last four digits, balance or date. A changed balance counts as accepted.
  • Select Open statement to see the document.
A statement for an account the client has connected is read but never changes it. The bank’s balances stand.

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Refreshes

  • Advisor refreshes connected banks automatically. A connection is refreshed at least every 6 hours.
  • Select Refresh now in the account panel to refresh straight away. If there’s nothing new, you’ll see Nothing to refresh right now.
  • Archived clients are not refreshed.

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When a connection ends

A connection ends when:
  • The client selects Stop sharing on the bank in their portal’s Accounts page.
  • Someone in your firm selects Disconnect in the account panel.
  • The client’s consent expires or is withdrawn outside Advisor.
When it ends:
  • The client’s consent is withdrawn.
  • The accounts, balances and transactions from that bank are deleted straight away.
  • A line is posted in the client’s messages.
  • The client can connect the bank again from their portal at any time.
Reports already made from the bank’s data are kept. See Reports.