Account Open

Overview: Digital account open

Our digital account open tool allows you to efficiently and securely open a client account in minutes, without faxing or wet signatures. The tool, located on the Forms & Applications Page of Schwab Advisor Center, auto-fills data fields, minimizes “not in good order” (NIGO) errors and delays, and lets your clients approve with a few taps on their devices.

Use these resources to get an overview of the tool, and scroll down to learn about other enhancements to help eliminate paper.

The redesigned Forms & Applications page puts digital account open tools at your fingertips

To make it easier to open accounts and use other important forms, we have redesigned the Forms & Applications tab on Schwab Advisor Center®. The new design makes it easy to access important tools such as the new digital account open feature, which is at the top of the page.

In addition, you’ll find convenient interactive tips that provide important contextual information, including compatible forms and helpful hints.

June 2019 (0619-973F)

Use new tools to help clients open accounts and manage details—fast, secure, and paper-free

Now, all firms have access to two new account management features on Schwab Advisor Center® that make opening accounts and changing a client’s address easier, more efficient, and more secure than ever before.

These new tools, located on the Forms & Applications Page of Schwab Advisor Center, offer a number of benefits for your firms and clients:

  • Use the account open tool to open accounts in less than 10 minutes while minimizing “not in good order” (NIGO) errors.
  • With the address change tool, you can initiate the process online, eliminating the need for faxing and wet signatures.
  • Both tools let clients approve in seconds, similar to the eAuthorization process for move money requests.
  • The modern workflows offer straight-through processing and automated status updates.

We’ve created a number of resources to help you get started with both tools, including interactive guides to the account open and address change processes. To access all resources and sign up for one of our weekly tips and tricks sessions for digital tools, visit the Resource page.

June 2019 (0619-973F)

Dedicated cost basis topic and subtopics now available

Update: We are removing the older Cost Basis option under the “Send a Message” heading as advisors have adopted the improved cost basis submission process for service requests. For more information on the new process, read below.

Previously, each cost basis request would be handled via email by a service team member. This new enhancement allows the team to handle your request as a normal part of the service queue, delivering an experience that’s more consistent across all service requests.

Now, when you submit a service request related to cost basis, you can use the Cost Basis topic and choose from a variety of subtopics to help the service team route and process your request more efficiently.

Your cost basis service request can be submitted under any of the following headings:

  • Cost Basis Edit Request
  • Enrollments and Preference Form
  • Product Reporting Form
  • Specified Lot Instructions
  • Step Up Cost Basis to DOD

October 2018 (1018-8TGE)

DocuSign® interface for eSignature has new look and feel

DocuSign® recently enhanced the user experience for their DocuSign platform. You and your clients will see the new interface when using Schwab’s eSignature tools for forms.

Please note that nothing about the workflow for creating or having clients electronically sign these forms has changed.

The new experience features improved icons, better placement of action buttons, and a new font and color for highlighted fields.

If you have any questions about the new experience or our eSignature tools, consult the Service Guide or contact your Service Team.

June 2018 (0418-8UPW)

New form changes help accounts comply with Customer Due Diligence rule

DocuSign recently enhanced the user experience for its DocuSign platform. You and your clients will see the new interface when using Schwab’s eSignature tools for forms.

Please note that nothing about the workflow for creating or having clients electronically sign these forms has changed.

The new experience features improved icons, better placement of action buttons, and a new font and color for highlighted fields.

If you have any questions about the new experience or our eSignature tools, consult the Service Guide or contact your service team.

April 2018 (0418-8UPW)

New form changes help accounts comply with Customer Due Diligence rule

Schwab recently issued updated forms to ensure that we are in compliance with the Customer Due Diligence rule going into effect in May 2018. Updated forms include:

  • Incorporated Account Open and Update forms
  • Non-incorporated Account Open and Update forms
  • Managed Account Add/Change Money Manager forms

These changes ensure that we are capturing information about beneficial owners who have a 10% or greater ownership of a legal entity. In the event a trust is a 10% or greater beneficial owner, the trustees’ information must be provided. The updates also allow Schwab to update ownership information across similarly registered accounts.

We recently published a news story containing in-depth explanations of each of these changes. If you have any additional questions, please contact your service team.

February 2018 (0118-8BLY)

eSignature: Over 50 forms added, along with security enhancements

To help you deliver a more secure, paper-free experience for your clients, we have made a number of enhancements to our electronic signature tools:

  • 54 additional forms are now eligible for eSignature. Review the complete list for more information.
  • To maintain high security standards, the system requires clients to log in to Schwab Alliance or the mobile app to approve certain forms, such as Schwab MoneyLink®.
  • Now, forms requiring an advisor’s signature can be electronically signed by authorized members of your firm. Simply add their names and tag the forms as you would for a client.

November 2017 (1117-73ZF)

Printable guide explains enhancements to Online Account Open

To make the Online Account Open process simple, we created a step-by-step-by-step printable guide. Now, you can complete and submit the application via a streamlined process that includes the ability to:

  • Include important forms such as Transfer of Account, Schwab MoneyLink®, Prime Broker, and more
  • Attach supplemental documents (e.g., account statements and voided checks)
  • Submit the entire bundle to your client for convenient, secure electronic approval. The system automatically tags the fields your client needs to complete, such as the signature field

If you have additional questions, please contact your service team.

August 2017 (0817-7KZB)