Consolidating client portfolios across brokers

Published 19 October 2026 by Borderfolio

A client with accounts at three brokers has three versions of the truth, in three formats and often three currencies. Consolidation is the work of turning them into one picture without losing anything, double-counting anything or inventing anything. These are the steps, and the rules that keep the result honest.

1. Bring the statements in

Each client can have several investment accounts, one per brokerage relationship, and statements are imported into one account at a time. An import takes up to five files of up to 5 MB each, as PDF, CSV, XLSX or images. Before anything is stored, each file's contents are checked against its declared type. A web page renamed .pdf is refused.

Exports from Freedom24, Trading 212, Interactive Brokers (Flex), DEGIRO, eToro, Revolut, Trade Republic, Freetrade, XTB, Saxo, Schwab, Swissquote and Avanza are read directly by format-specific parsers. Other statements go through an extraction model, and the import says which path it took.

2. Review before anything is written

Extracted positions and transactions are shown for review first. The adviser confirms the holdings and the transaction ledger separately. Until then the client's portfolio is unchanged.

• Transactions already present are counted as duplicates rather than added twice. The review shows how many were found.
• Confirmed records are never silently overwritten by a later import.
• Original statement files are kept for seven days so the extraction can be checked against them, then purged. The confirmed data remains.

3. Value everything in one currency

The consolidated view values every holding in the client's base currency. Conversions use ECB reference rates, and each conversion names its rate. Exposure is reported by trading currency. A USD-listed global fund counts as USD exposure even though it holds companies worldwide, and the analysis says so.

If any holding cannot be priced, the consolidated total is withheld and the unpriced tickers are named. A total that leaves one position out is worse than no total, because it looks complete.

4. Measure performance across accounts

Two returns answer two questions. The time-weighted return measures the investments, independent of when money was added. The money-weighted return (XIRR) measures the client's actual experience, including the timing of contributions. Both are calculated across the combined accounts from the confirmed cash flows. Percentages from separate accounts are never averaged, because a large account and a small one would then count the same.

A time-weighted return needs historical valuations. Where those do not exist yet, the figure is shown as unavailable with the reason, rather than estimated.

5. Present it

From the consolidated portfolio, the adviser generates a review covering allocation, holdings, performance, dividends and fees, currency and fund-domicile exposure, and cross-border considerations, plus the adviser's own notes and a closing section on sources, assumptions and limitations. It is stored as a snapshot, so the document never changes after the next statement arrives.