Moving money for clients is one of the most important and time-sensitive services you provide. Schwab Advisor Center's move money feature is the fastest, most secure way to way process journals, wires, checks and Schwab MoneyLink® transactions.
Our move money tool and support resources will guide you through the process, and highlight tips and important security steps.
When you use move money to initiate requests on behalf of your clients, the workflow will validate that you've entered the required data upfront, so you can avoid errors and delays — it even lets you know when client approvals are needed.
Remember, before you enter the request, be sure to call your client to confirm all details, including the destination account. By entering the move money request, you are attesting that someone from your firm has spoken directly to the client before submission.
Now let's walk through the process.
First, select the account that you are entering the request for, the type of money movement, and whether it's a one-time or recurring request. Be sure to set up a recurring request if it's something your client is likely to need again in the future.
Next, you'll enter the receiving account information, dollar amount, and provide additional details depending on the request type.
The workflow will validate the information you've entered, and give you the option of having your client eAuthorize transactions requiring approval.
eAuthorization provides advanced authentication and security features that help protect your clients against fraud, and allows them to conveniently approve the request on their desktop or mobile device by logging into Schwab Alliance.
eAuthorization requires active Schwab Alliance credentials, so visit the profiles page on the Schwab Advisor Center® Accounts tab to invite any clients without credentials to sign up.
If your client is unable to digitally approve the transaction, you also have the option of generating a prefilled PDF for their approval and signature.
After you've submitted your transaction, you can review and check its progress on the move money home screen so you can keep your client updated and let them know once the transaction is complete.
Beyond initiating transactions, the tool makes it easier for you get a holistic view of all move money related information and tasks — including standing instructions.
For instance, you can get an at-a-glance overview of the existing and recurring transactions you currently have set up, and quickly setup or edit standing letters of authorization — all within the tool.
Get started using Schwab Advisor Center move money tool today. And talk with your team about making these secure tools the standard for all of your firm's client transactions.
For more information and resources on Schwab Advisor Center's move money tool, visit advisorservices.schwab.com/movemoney.