What's New: Digital Client Onboarding

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.

Overview

Our digital onboarding capabilities on Schwab Advisor Center enable you to open, set up, and fund multiple accounts for a household in minutes—all with a single email from you to your client.  It's the fastest and most secure way to open accounts at Schwab for both new and existing clients. 

Using information from Schwab and third-party platforms, the completely digital workflow significantly reduces errors and delays by validating and securing the data and guiding you and your client through the account open process. With digital onboarding, you spend less time following up with clients while giving them a simpler, streamlined experience. 

Explore the following resources to learn more about digital onboarding and scroll down to learn about the latest enhancements to the workflow. 


New interactive guide for account maintenance workflows

A digital account maintenance workflow will be available soon! It will allow you to initiate a new request to designate beneficiaries for applicable accounts, then send the request to your client for digital approval in seconds via their desktop or mobile device.

This new workflow is an addition to our existing Schwab MoneyLink® account maintenance workflow. Bookmark the new step-by-step guide for both. We'll update the guide as new workflows become available. 

This all-digital process is similar to the digital onboarding experience and offers comparable benefits:

  • Save time and reduce errors, using a guided workflow that auto-fills and validates client information from Schwab 
  • You can enter key information or, if you don't have it, your client can enter it during the approval process, so you don't have to spend time chasing down details
  • Features detailed status tracking and the ability to recall, edit, and resend digital envelopes

Note that clients must have Schwab Alliance credentials to access the digital envelope for eAuthorization. For a client without access, you can print a prefilled PDF file to send to them for a wet signature.

We will be adding more account maintenance workflows in the coming months to deliver a similar secure, efficient, all-digital experience for other routine tasks.

September (0922-24YE)


The first in a series of new digital account management workflows

We have a new digital workflow that allows you to initiate Schwab MoneyLink transactions and send them to your clients to approve in seconds via their desktops or mobile devices.

This streamlined process is similar to the digital onboarding experience and offers comparable benefits:

  • Save time and reduce errors using a guided workflow that auto-fills and validates client information from Schwab 
  • If you have the external bank information, you can enter it. If not, your client can enter it during the approval process, so you don't have to spend time chasing down details
  • Features detailed status tracking and the ability to recall, edit, and resend digital envelopes

Note that clients must have Schwab Alliance credentials to access the digital envelope for eAuthorization. For clients without access, you can print a prefilled PDF file to send them for a wet signature.

We will be adding new account maintenance workflows over the coming months, to deliver a similar secure, efficient, all-digital experience for other routine tasks.

August 2022 (0822-2ZA7)

Screenshot of new digital account maintenance workflow

Digital onboarding: one email sent, multiple accounts opened in minutes

The digital client onboarding feature you asked for is here: open multiple accounts for a household with a single, secure digital envelope. We know that the onboarding process can be complex, but you can streamline it with this latest digital onboarding update. The workflow is the fastest, most secure method for opening accounts at Schwab, allowing you to open multiple accounts for your clients and send each signer one email to approve all accounts

You and your clients can navigate the account open process in minutes—all while the workflow validates your input data, significantly reducing errors and delays. With digital onboarding, you're giving your clients a simpler, more streamlined review and approval experience that gets the information right the first time. 

Here's what you can do with digital onboarding:

  • Open one or more accounts, tailor them to your client's needs, and easily fund them using options like Schwab MoneyLink or ACAT asset transfers—all in a single workflow—with one email from you to your client
  • Save time and reduce errors using a guided workflow that auto-fills and validates client information from Schwab and leading third-party platforms
  • Let clients add and edit their own information and documents that you don't have on hand, so you don't have to spend time chasing down details

Other features include: 

  • Support for the most common accounts (including Schwab One®, living trusts, inherited IRAs for individuals, and custodial accounts) and for 16 of the most common advisor documents 
  • Detailed status tracking and the ability to recall, edit, and resend envelopes
  • Integrated enrollment in Schwab's advisor client portal, Schwab Alliance, enabling your clients to digitally approve requests and paving a path to a paper-free future 

You can walk through your experience (and your clients') with this step-by-step guide. If you would like to see a live demo and ask questions, register for one of the weekly webcasts hosted by our experts. 

July (0722-2BEM)

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Digital onboarding: now save key firm documents to future digital envelopes automatically

A new enhancement is coming to the digital onboarding workflow that lets you upload and save your firm's frequently used documents (client welcome letter, advisory agreement, and the like) as defaults to be automatically applied to future digital envelopes.

From the Manage Schwab Envelopes link on the Forms and Applications page, click the new Saved Firm Documents link. Choose the master account, then upload the documents and save. Going forward those documents will be automatically added to all future digital client onboarding envelopes created for that master account. The documents can be edited within each individual envelope, if needed.

You can save up to 16 types of popular documents, including:

  • Advisory agreement
  • Form CRS
  • Consent to invest
  • Risk tolerance questionnaire

When you send a digital envelope to your clients, they may be asked to electronically sign or acknowledge receipt of certain documents such as regulatory disclosures. For others no signature or acknowledgment is required; your client can simply download, review, and keep the documents for their records.

This timesaving feature will be available to any firm that has access to the digital onboarding workflow and the required master account.

Look for further enhancements to the digital onboarding experience throughout the year, including the ability to easily view edits made by clients and to initiate the account open process for multiple accounts within a single digital envelope.

May 2022 (0522-2HNP)

Screenshot of saved document page

Onboarding just got easier 

We've been working to expand our digital onboarding capabilities, and now you can take advantage of the most significant number of advancements yet that provide you with the fastest and most secure way to onboard new and existing clients. 

The new workflow builds on our existing digital account open tool and delivers a streamlined account open, funding, and setup process for you and clients, supporting the most common account types and onboarding tasks.

This major expansion is a time-saver for your team, minimizing errors and delays by guiding you and your clients through the data capture process and delivering a much simpler, more interactive experience in minutes.  

Key digital onboarding features:

  • Expanded support for account types such as living trusts, inherited IRAs for individuals, and custodial accounts, in addition to the most common Schwab One® and IRA account types supported previously
  • Account setup and funding integration, including ACAT asset transfer (TOA) and Schwab MoneyLink® setup, in a single digital envelope
  • Flexible workflow that enables clients to add and edit required information, including uploading documents when needed
  • Support for 16 of the most common advisor documents in addition to Schwab forms
  • A guided process that auto-fills client information from Schwab and leading third-party platforms with Schwab integration 
  • Detailed status tracking and the ability to recall, edit, and resend envelopes
  • Automatic enrollment in Schwab Alliance, putting your clients on a path to a paper-free future 

This step-by-step guide  walks you through the experience for both you and your clients. If you would like to see a live demo and ask questions, register for one of the weekly webcasts hosted by our experts.  

August 2021 (0821-1YN7)

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For advisor use only. For general educational purposes.

Any investments reflected are for illustrative purposes only and are not intended to be nor should they be construed as a recommendation to buy, sell, or continue to hold any investment. Screen shots are for illustrative purposes only, may be historical in nature, and should not be used as a basis for any investment decision.

Schwab Advisor Services™ includes the custody, trading, and support services of Charles Schwab & Co., Inc. (“Schwab"), a registered broker-dealer and member SIPC, and the technology products and services of Performance Technologies, Inc. (“PTI”). PTI and Schwab are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent of each other. PTI’s integration solutions integrate data about accounts custodied at Schwab.

API integration is available through Schwab OpenView Gateway®, which is provided by PTI. Single sign-on is provided by PTI. Daily data files and trading integration are available through Schwab. Schwab OpenView Gateway® and Schwab OpenView MarketSquare™ are services of PTI.

References to third parties (whether such parties are vendors participating in a service of PTI or independent advisors using a service of a participating vendor) are not an endorsement or recommendation of, or an opinion (favorable or unfavorable), or advice about, or a referral to any product or service of any third party. Advisors are solely responsible for evaluating, selecting, and purchasing products and services offered by third party vendors. Unless indicated otherwise, third parties are independent and not affiliated with PTI or its affiliates.

Schwab Performance Technologies® ("SPT") provides technology solutions to independent investment advisors, while Schwab provides them and their clients with custody, trading, and related support services. SPT and Schwab are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent from each other.

Schwab Advisor Portfolio Connect™ is a product of SPT.

Institutional Intelligent Portfolios (“IIP”) is a technology and service platform made available by SPT to independent advisors who maintain a business relationship with Schwab Advisor Services.

Charles Schwab & Co., Inc. and Charles Schwab Bank are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products, including the Schwab One® brokerage account, are offered by Charles Schwab & Co., Inc., Member SIPC. Deposit and lending products are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.

Schwab affiliates earn revenue from the underlying assets in Institutional Intelligent Portfolios® accounts. This revenue comes from managing Schwab ETFs™ or Schwab Funds® and providing services relating to certain third-party funds that can be selected for the portfolio, and from the cash feature on the accounts. Revenue may also be received from the market centers where ETF trade orders are routed for execution. Tax-loss harvesting is available for clients with invested assets of $50,000 or more in their Institutional Intelligent Portfolios account. Clients must be enrolled to receive this service. Cash balances held in the Sweep Program at Schwab Bank are eligible for FDIC insurance up to allowable limits per depositor, per account ownership category.

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