Rajesh Jayaraman, Founder and CEO at Flextract, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the firm’s use of AI to extract and classify data found in client statements.
Jayaraman describes Flextract as the most painless way for advisors to gather client data. Using Flextract, clients don’t need to fill out any forms, and advisors don’t need to perform any data entry. Clients simply upload forms, and the system extracts the data and sends it to systems where the advisor needs the data.
Founded in January 2024, Flextract uses the latest AI models to identify and extract the data fields on each document. The software includes controls for the security and accuracy of client data. Flextract is SOC2 Type 2 certified, demonstrating a commitment to security and compliance. Flextract is a cloud-based monthly or annual subscription service.
As part of the onboarding process, the advisor asks new clients for data regarding their demographic information, as well as spending patterns, tax returns, and balances in a number of financial accounts. Jayaraman notes that clients procrastinate for up to six weeks when asked to enter this information into forms, but might fulfill the advisor’s request more quickly when just asked to produce statements.
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