What's New: Move Money

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

Moving money is one of the most important things you do for your clients, and the Schwab Advisor Center move money tool enables you to complete this critical task in the most secure and efficient way possible.

Use these resources to get an overview of the tool; continue scrolling to see the latest enhancements.

July 2021 (0621-1XF4)

June 2019 (0619-973F)

Overview: Move money

View upcoming tech enhancements on the Schwab Advisor Center digital roadmap

The Schwab Advisor Center digital roadmap keeps you informed about upcoming enhancements to Schwab's technology ecosystem to help you plan your strategy to leverage the new features coming your way. 

The roadmap categorizes enhancements by platform and provides a projected timeline for launch. We aim to update the roadmap every six months to keep you in the loop about the new platforms, features, functionality, and enhancements that you've been asking for:

  • Account opening
  • Money movements
  • Account maintenance
  • Third-party integrations
  • User experience changes
  • Schwab Data Delivery® updates

View the roadmap to learn more.

August 2022 (0822-2ZA7)

Screenshot of Schwab Advisor Center digital roadmap

New move money feature allows multiple transactions in one upload

As part of our ongoing effort to make it easier to use our digital workflows, we recently launched import transactions, a new feature of the move money tool on Schwab Advisor Center.

Until recently, the move money tool did not support more than one transaction per submission. Now import transactions allows you to submit multiple onetime cash journal transactions quickly and securely by uploading a comma-separated values (CSV) spreadsheet file. The tool also supports transactions across multiple master accounts in a single upload. After you upload your CSV file, the system validates all the transaction data, alerting you to any issues that need to be addressed. You can view and export submitted and failed transactions on the Import Transactions history page.

For detailed instructions on how to use the import transactions feature and format your CSV file, explore our updated step-by-step guide to the move money tool or visit the Service Guide.

Currently, this feature is available only for onetime cash journal transactions that do not require further client authorization, such as those with standing letters of authorization and some first-party transactions for which the advisor has Withdrawal Power of Financial Advisor authority.

This feature can be very useful during capital calls and distributions, during tax season, and when handling disbursements from pooled investment accounts.

June 2022 (0622-2NSK)
 


Use eAuthorization for fast, secure approvals of move money requests

When you move client money, two things matter most: security and convenience. eAuthorization is the fastest and safest way for your clients to approve the cash journals, wires, or checks that you initiate from Schwab Advisor Center.

The digital workflow validates data so you can avoid errors and delays, and it gives your client a smooth, secure approval experience through Schwab Alliance.

Download the new eAuthorization quick guide to see how it works and to get tips for you and your clients. You can also register for a biweekly webcast with our product experts to see a demo and ask your questions live.

June 2022 (0622-2NSK)


Photograph and deposit checks in seconds with your mobile device

Now you can use the new check deposit functionality available in the Schwab Advisor Center mobile app to photograph and deposit checks of up to $3 million into your clients' retirement and brokerage accounts—no need to mail or drop off eligible checks at a Schwab location.

The new workflow uses your device's camera to capture an image of the front and the back of the check. You then fill in the check and account details, and the funds are securely and automatically deposited into your client's account.

We've created a step-by-step overview of depositing checks using the app or a desktop scanner—you'll find it as a new section in the "Advanced Features" portion of our move money step-by-step guide .

March 2022 (0222-2KLH)


The top five Schwab Advisor Center enhancements of 2021

We've pulled together a list of the main areas we focused our efforts to deliver a simpler, more efficient technology experience for 2021. See how these enhancements can streamline some of your routine day-to-day tasks so that you can focus on serving clients.

1. Digital Onboarding
2. Status and alerts
3. Tech adoption
  • Launched the technology adoption dashboard on Schwab Advisor Center; in a single view, you can see how your firm's and clients' adoption of important tools like digital onboarding, move money, paperless documents, and Schwab Alliance compares with that of similar firms that custody assets with Schwab

4. Move money
5. Technology integration
  • Added multiple new, secure third-party integrations to give you customized experiences and streamlined access to essential Schwab Advisor Center tools—all from within the interfaces you use every day

January 2022 (0122-19CM)


An easier way to make qualified charitable distributions

As you approach year-end planning, the simplest and most direct way to make a qualified charitable distribution (QCD) from an eligible IRA to a qualified charity is to distribute the client’s funds using Schwab Advisor Center’s move money tool. 

You can use the third-party check transaction flow and select the NORMAL (7) distribution reason under Input Check Details to quickly and securely process your QCD request, eliminating the need to complete an IRA Distribution form and manually send in third-party checks. 

Disclosures:

  • You are responsible for confirming your client’s eligibility and ensuring transaction details satisfy all QCD requirements under IRC Section 408(d)(8).
  • For reporting purposes, mail the check to your client’s address of record or to your firm office as needed.

November 2021 (1121-1XUG)


Convert IRA contributions to Roth IRAs with a move money journal request

As part of our ongoing effort to make it easier to use our digital tools, we've made it possible to convert IRA contributions to Roth IRAs using the move money workflow on Schwab Advisor Center. This new option reduces errors, makes the process more efficient, and lets your client eAuthorize the request with a few taps on their mobile device or computer.

To use this new functionality, navigate to the Move Money tab and follow these steps:

  1. Choose an eligible From Account type (Traditional IRA, SEP‑IRA, or Simple IRA).
  2. Start a onetime journal request.
  3. Choose an eligible To Account type (Roth Conversion IRA or Roth Contributory IRA).
  4. Select the distribution reason (2-CONV if the account holder is under 59½ years old or 7-CONV if older) from the drop‑down menu.
  5. Complete the remaining fields for the journal request as usual and submit it to your client for eAuthorization or print it for your client's wet signature.

October 2021 (1021-1K1T)

When you choose a conversion as your distribution reason, a notice will appear with additional information about the potential tax implications

At-a-glance information about your firm's tech adoption

Leveraging technology is a critical part of delivering the efficient, paper-free digital experience that your clients demand. Now getting the most out of Schwab's technology is easier than ever with the technology adoption dashboard. 

In a single view, it presents a clean, at-a-glance overview of how your firm's and clients' adoption of important tools like digital onboarding, move money, paperless documents, and Schwab Alliance compares with similar firms that custody assets with Schwab. 

You can view data in both monthly and quarterly time frames and at either the firm or master account level; you can also review your adoption goals against three levels of peer benchmarking. Best of all, the system automatically points out the areas in which you can focus your adoption efforts to drive efficiencies at your firm.

The dashboard is already available to many firms—you'll find it on the News & Resources tab when it's available to yours.

June 2021 (0621-1V6N)


IRA distribution guided workflow now available

We have added an IRA distribution guided workflow to the Forms & Applications tab. Like the other digital workflows, it is easy to follow, reduces not-in-good-order issues, and minimizes delays and follow-up calls from your service team, leading to faster processing.

When you launch any guided workflow, you'll be taken through a step-by-step process that produces a completed PDF, which you can print for your clients' wet signature or upload through DocuSign for your clients' electronic approval.

To learn more, consult the Frequently Asked Questions

These guided workflows are also available:

  • MoneyLink (ACH) Setup
  • Transfer of Account Instructions
  • Limited Power of Attorney (Investment Advisor)
  • Designated Beneficiary Plan
  • IRA Beneficiary
  • Standing Instructions for Checks & Journals
  • Prime Broker Amendment
  • Add a Trusted Contact Person
  • Options Trading & Margin Application
  • Simple IRA Adoption Agreement
  • Simple IRA Employer's Agreement

In the coming months, we will continue to expand these guided experiences to enable fully digital e-Authorization capability and cater to other popular account features.

April 2021 (0421-1NKM)

IRA Distribution joins our growing list of guided workflows

More registration types and the total distribution feature eliminate the need for paper forms

With our latest enhancements to the move money tool, the system can now handle all check and journal request types, eliminating the need to use the Check and Journal Request Form. These updated features include:

  • New registration types. The new registration types support guardianship, estate, testamentary trust, conservatorship, and Institutional Intelligent Portfolios® accounts, as well as journals transferring to i401(k) and custodial accounts.
  • Request another. Easily request another journal from the same account.
  • Total distribution and close account. Use the tool to distribute all funds, close the account, and set preferences for receiving tax, trade, and statement information after the account closes.
  • Designate a gift or add additional instructions. Note additional handling instructions without leaving the move money tool.

These workflows are similar to the other check and journal workflows in the move money tool. They generate prepopulated PDFs and letters of authorization as needed for you to send to clients, increasing efficiency and reducing errors. Once clients have signed, you can upload the completed forms using the service request tool.

April 2021 (0421-1NKM)

New options include total distribution, closing the account, and adding other instructions such as tax lot specifications.

Coming soon: New fraud warning will replace the cover letter requirement for move money transactions

Verifying transactions with clients is one of the most important controls for preventing criminals from fraudulently accessing client assets. As part of our ongoing effort to strengthen security and safety controls, we will soon be changing how we remind advisors of their responsibility to reach out to verify transactions with clients.

First, we are eliminating the move money cover letter that advisors were required to submit to confirm that the client had verified the transaction. The second change is a new fraud warning that we're adding to places on Schwab Advisor Center® where advisors with move money authority can initiate client transactions, including:

  • The forms library on the Forms and Applications page 
  • The eSignature tool
  • Service requests

A later enhancement will add similar language to the workflow of the move money tool.

These prompts will remind advisors to stop and confirm that they've taken the proper steps to validate their clients' instructions. They also serve as a reminder that advisor firms are responsible for any fraudulent instructions they send to Schwab for processing.

February 2021 (0221-125W)

Fraud alert attestation screenshot

(1221-1B19)

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.

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