Another milestone was reached today on the Covestor site as the manual trade entry process was uploaded to the live site. Members can now choose whether to use the data link to their broker, to automatically populate their track record, or enter trades by hand.
The form is very easy to use. When setting up an account to use the manual process members send in an electronic copy of their last broker statement to verify their starting holdings. Covestor enters these holdings for them in their accounts before activation. From there each new trade or holding is entered manually by the member – giving them control over the management of the data, and statements are requested periodically to confirm the holdings registered. All track records using this new data entry process are stamped on the site as ‘manual’, as distinct from ‘auto verified’ accounts (those using the broker link).
Let us know if you have any feedback for us as you test and use the new form. A number of beta testers have requested this functionality, both given brokers not yet supported with an automatic link and the inability with the connection to separate out individual accounts. Although more work in uploading data, this feature should broden the spectrum of members able/willing to share their investment decisions.