Finish 2021 strong with Schwab digital tools
You might be starting to feel that year-end tension right now, as you juggle 2021 deadlines while planning for 2022. To that end, we've pulled together a list of tips on how to use Schwab Advisor Center's digital tools and resources to help you quickly and securely tackle some of these critical—yet tedious—tasks.
Use this as a guide to get routine transactions out of the way, so you can spend the rest of the year connecting with clients and looking ahead.
- Swiftly and safely transfer funds to and from retirement accounts using move money. The move money tool helps you validate data to avoid errors and delays, and meet year-end deadlines for a Roth conversion or other contribution or distribution. See how the tool works for you and your clients in this step-by-step guide.
- Use the move money workflow to expedite qualified charitable distributions. With the move money tool, you can request a third-party check or a position journal to another Schwab account. For more information on charitable giving action items and year-end deadlines, explore these resources.
- Open last-minute accounts with digital onboarding. The digital onboarding guided workflow lets you open, set up, and fund client accounts in minutes, and now features expanded account types, including living trusts, inherited IRAs for individuals, and custodial accounts.
- 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 2021, and who needs to in 2022. 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.
- Speed up approvals with eAuthorization. No more chasing down wet signatures. eAuthorization is the fastest and most secure way to get client approvals, allowing clients to approve requests on the go using Schwab Alliance.
- Keep clients updated on the progress of their year-end requests by getting the latest information—all within Schwab Advisor Center®. Track and update the requests and documents you've submitted using the Status page.
- 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 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, and 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
- Looking for a live demo of how to complete these year-end tasks? Join one of the upcoming webcasts with our tech experts.
Next steps and resources
- Review important Schwab Advisor Center bulletin on 2021 year-end deadlines and charitable giving.
- 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™.