What's New: Digital Workflows
Schwab Advisor Center® has digital tools and resources to help you onboard new relationships, support your clients, and scale your business. Below you can learn about the latest enhancements and resources, or explore recent updates by clicking on a topic.
Now add options and margin trading to an existing account—digitally
A new feature makes it easy to add options and margin trading to existing accounts through a streamlined digital workflow.
To start the new workflow, click the Update or fund an account option on the Account Management page, then choose Margin and options trading under the Trading section.
- For existing accounts, you can add or upgrade options (with or without margin) or add margin only (with no options).
- You can enhance existing retirement accounts with support up to Options level 2 (with limited margin), or you can add margin only (with no options).
The workflow is designed to present only relevant choices. If your firm's master account is not approved for a certain options level, for example, that option will not be available, and you'll see a notification box explaining the situation. This helps reduce errors and rework.
Other benefits you'll enjoy when using this workflow:
- You save time and reduce errors using a guided workflow that auto-fills and validates client information from Schwab.
- You can enter key client information, or, if you don't have it, your client can enter the data during the approval process, so you don't spend time chasing down details.
- You can leverage detailed status tracking and can recall, edit, and resend digital envelopes.
For more details, please consult the interactive guide to all of our account management workflows.
July 2024 (0724-CCZA)
Help your clients authorize viewers or agents for multiple accounts with one digital envelope
Now you can use the existing account access (third-party) digital workflow to help clients add an authorized viewer or trading agent to multiple accounts with a single envelope. Previously, if clients wanted the same person to have trading or view-only access to more than one of their accounts, you had to send a different envelope for each authorization. With this enhancement, clients can authorize access for up to 10 different accounts in a single approval process.
We have also made it easier to add agents to the envelope, using a dropdown menu that lists any agents or account holders on other accounts in the envelope, so you don't have to re-fill information.
For details about this enhancement, as well as all of our other account management workflows, use our interactive guide.
November 2023 (1123-3N4A)
Simpler verification for new ACH transactions
The digital workflow for ACH (Schwab MoneyLink®) transactions is easier than ever. We have enhanced our background security software, significantly reducing the number of times you need to provide supplemental documentation when establishing a new ACH setup. In the small percentage of cases in which the system requires additional documents (such as an account statement or a check image), you can provide those materials on your client's behalf. Note that uploading these documents on your client's behalf is optional. If additional documents are needed and you do not have them available, the system will prompt your client to provide them. Learn more about the digital ACH workflow and other account management features in this step-by-step guide.
October 2023 (1023-3ZBX)
