For a step-by-step guide to first-time broker sync setup, see Setting Up Sync for the First Time: Step-by-Step.

In the coming years, financial institutions will largely move to a new method of data sharing called Open Banking, which will allow consumers to authorize the sharing of their financial data with third parties.

Open Banking refers to a financial institution's use of APIs (Application Programming Interfaces) to share financial data with third-party platforms such as TradeSmith. Using this data-sharing method, the user logs directly into the Financial Institution and provides consent to share their data. It is faster, more reliable, and uses stronger security.

When you link to a Financial Institution using an Open Banking connection, you will first be asked to agree to the Terms and Conditions.

Next, you will be redirected to your Financial Institution's login page, where you can enter your username and password and any additional 2-factor authentication that is required.

The Financial Institution may also display a consent form that requires your acceptance. Scroll down to review their terms and conditions, and select "I agree" to allow your data to be shared with TradeSmith.

You will have the option of selecting only those accounts that you wish to share with TradeSmith.

Once the process is complete, you will be redirected to TradeSmith, and your selected accounts will be imported.

For additional information on this new method of data sharing, click here.