Client Banking and Lending Services
With Jeff Blumenthal, Managing Director, Advisor Services Business Development; and Christian Rodriguez, National Sales Executive, Charles Schwab Banking & Trust Services
Charles Schwab Bank®
Client banking and lending services
Managing Director, Advisor Services Business Development
JEFF BLUMENTHAL: Hi, I’m Jeff Blumenthal. I’m the Managing Director of West Coast Sales for Schwab Advisor Services, and I’ll be speaking today with Christian Rodriguez, who joins me from Charles Schwab Bank. Hi, Christian. How are you today?
CHRISTIAN RODRIGUEZ: I’m doing well. How are you doing today?
JEFF: Great, thanks. When most people think about Charles Schwab they think about a brokerage company and they don’t know that we have a really large bank. Can you tell me a little bit about Schwab Bank?
National Sales Executive, Charles Schwab Banking & Trust Services
CHRISTIAN: Well, it’s interesting that you bring that up because the fact that people don’t know Charles Schwab Bank, but we’re the 12th largest bank in the nation, with over $180 billion in assets. So we are a very large institution and we are very proud to be part of Charles Schwab.
JEFF: And so I understand that the Bank was purpose-built to support clients of advisors. Can you tell me a little bit about the products and services that are available?
CHRISTIAN: So what we’ve built for clients of advisors is we have a bank that offers lending, deposits, and trust services, but we also partner with some industry leaders, like Quicken Home Loans, to provide home lending,
JEFF: Interesting. Often, advisors when they’re in transition worry about relationships they’ve built using bank products like pledged asset lines.
CHRISTIAN: One thing that some advisors or prospects aren’t aware of is that we actually help facilitate bringing those lines over and bringing them over to Schwab. Some people think that they have to close that line out. They don’t necessarily have to do that. We can go ahead and facilitate that, and make that transition very smooth for them.
JEFF: You mentioned Charles Schwab Trust Services. Can you tell me a little bit more about that?
CHRISTIAN: Charles Schwab Trust Services is something that, candidly, we should be asking more questions about because we’ve got a very unique offer in the sense that it’s a bifurcated model, and it’s bifurcated in the sense that we take care of the administration aspect of the trust, but we still allow the advisor to do the investing and all the investments that come with that. So it’s a little unique, but it’s worked very well for us.
JEFF: We’re in a technology world now that talks a lot about being mobile, mobile first. What kind of mobile capabilities does Schwab Bank offer?
CHRISTIAN: You might be surprised to find out that over 90% of the deposits that Charles Schwab Banking and Trust Services takes in are done mobilely. So that’s one of the big things that we have is our mobile capabilities, being able to do the deposits like that. And then some of the other things that we’re working on, too, is facilitating the onboarding process, especially for prospects and advisors, in regards to transferring what they have with other institutions over to Charles Schwab Banking and Trust Services.
JEFF: Culture is a big part of what drives good service. Can you tell me a little bit about the culture of your team?
CHRISTIAN: The culture of our team is really based around trust. We need to trust in the sense that we know what we’re doing, we know how to approach the client or the advisor, and make sure that we’re doing everything that we can to provide the best experience possible.
JEFF: So, Christian, when advisors are in transition, there’s a lot of planning that has to take place before they can move. Can you talk a little bit your team gets involved with that?
CHRISTIAN: Our team gets involved very early in the transition process, because the earlier that we can get involved and understand what the dynamics and all the different pieces are coming over, the more equipped we are to help and provide the right solution there. So we’ll work very closely with the business development officer to immediately understand what the loan portfolio looks, what are the constraints on it, what are the interest rates, and then we quickly go in, work together, and figure out what we can do to match or beat rates in most parts, and really make sure that that transition is as smooth as possible. But the banking needs are the least of the worries that the advisor has in their transition.
We know that it’s a stressful situation and we know that there’s a lot of moving parts. So what we want to make sure is that everything from a banking perspective is taken care of, where as soon as they, quote/unquote, turn on the lights that everything is smooth, not only in the entire process, but, most importantly, from a banking and trust services perspective.
JEFF: Schwab supports advisors of all sizes, but I know that smaller firms can leverage some of these banking capabilities to really differentiate their offer.
CHRISTIAN: That’s what it’s all about. It’s about making sure that regardless of size of firm or, candidly, client size, that we have everything that we need to provide the solutions that they’re looking for.
JEFF: Christian, I know you’ve been with Schwab Bank for three years. What do you love most about your job?
CHRISTIAN: What I love most about the job is I get a chance every day to interact with clients and see if we can figure out a way to provide an exquisite client experience and make sure that we’re providing everything that we need to make them feel confident with Charles Schwab and the brand that they’re deciding to do business with.
JEFF: Christian, I really appreciate your time this afternoon. I’ve learned a lot about the Bank today, and I really appreciate the support you provide our Advisor Services clients.
CHRISTIAN: Well, Jeff, thank you very much for having me here today. I really appreciate the opportunity to partner with you and your business, and I look forward to great things in the future.
JEFF: All right, thanks a lot.
CHRISTIAN: Thank you.