Digital tools simplify end-of-year tasks
With the digital tools and resources on Schwab Advisor Center® you can tackle critical—yet tedious—year-end tasks efficiently and securely. And by streamlining your end-of-year workload, you'll have extra time for clients and new year planning. Here are a few useful tips:
- Swiftly and safely transfer funds to and from accounts using Schwab Advisor Center's move money or mobile check deposit tools. The move money tool helps you validate data to avoid errors and meet year-end deadlines for a Roth conversion, charitable distribution, or other year-end transaction. For an even faster and more secure experience, send the transaction to your client to approve on the go with eAuthorization.
- Open last-minute accounts with digital onboarding. With the digital onboarding guided workflow, you can open, set up, and fund multiple accounts for a household in minutes. Your clients will appreciate the simpler, more streamlined review and approval experience that gets the information right the first time.
- Use the Required Minimum Distribution (RMD) tab to track client accounts. This tab lets you sort by age to see which clients haven't taken their RMD for 2023, and who needs to in 2024. The tab also shows which client accounts have minimum distributions for the current year, the total amount of the required distribution, and the amount already distributed year-to-date.
- Keep clients updated on the progress of their year-end requests by getting the latest information from a single location within Schwab Advisor Center. The Status and Alerts overview page provides a consolidated view of all recent updates and alerts, making it easy to review and act on requests.
- Use Schwab Data Delivery® files to prepare for tax season. Files containing the unrealized and realized gain/loss information for each account under a master account can be accessed through Schwab Data Delivery. These reports can be helpful when planning for end-of-year tax-loss harvesting and identifying shares sold with missing cost basis.
- Reduce the risk of fraud for your firm and your clients. Criminals know that we can become distracted by year-end deadlines and other events. They use this knowledge to attempt fraud while our guard is down. View the fraud prevention tips and resources on Schwab Advisor Center to protect your clients' information and assets.
What you can do next
- Share the Client Learning Center with your clients to prepare them for using digital features.
- Explore more Schwab technology resources and in-depth training on RIA EdCenter™.
- Review this checklist to help your clients decide what to donate in 2023 to increase their charitable impact and reduce taxes.
- Looking for a live demo of Schwab Advisor Center's digital tools? Join one of the upcoming webinars with our tech experts.
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