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)

Overview: Move money

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

Submit wires with eAuthorization to reduce fraud and save clients' money and time

Increase security while saving clients' money
Leveraging our digital workflows to manage client money movements reduces errors, saves you and your clients time, and significantly reduces the risk of fraud. That's why we're reducing the fees for wires that are submitted electronically. Effective August 14, the fee for electronic wires will be reduced to $15, while the fee for paper-based submissions will remain at $25.

Part of an ongoing effort to help you be more efficient and secure
We hope that lowering the fees for electronic wires provides an added incentive for you to start using our digital tools, because it's the quickest and most secure way for you to manage your clients' money movements. Sending a wire for your clients' approval using our eAuthorization feature lowers their risk of wire fraud and lets them securely approve the request in a few minutes on their mobile device. To date, we have not had a successful wire fraud takeover when our eAuthorization feature has been used.

We're continually investing in our digital workflows and capabilities across all account tasks and client requests, making it easier to remove paper-and-fax processes. Our goal is to deliver an easy, guided experience that minimizes errors and delays so that you can focus more time on clients and less on paperwork.

Resources to help you make the transition
We are here to support you in making the transition to digital workflows with a number of resources to help your team and clients. Join a weekly webinar, download the step-by-step move money and eAuthorization guide for you and your clients, or take advantage of the guided walkthrough available on the Move Money tab on Schwab Advisor Center®.

August 2020 (0820-0HAA)

Wire Fee Reduction

Use digital tools and Service Requests for efficient processing

To serve you as effectively as possible, effective May 8, we are no longer accepting fax-based submissions. We encourage you to use our digital tools to securely and efficiently complete and transmit requests to Schwab online. When circumstances require that requests are completed via paper forms, you can use Service Requests to securely send the documents to your team.

Due to the ongoing COVID-19 outbreak and market volatility, you may experience longer processing times for requests, especially paper-based requests submitted via fax. Faxed documents require several additional steps to review, enter, and validate before processing.

Advisors have told us that when they use Schwab Advisor Center's online capabilities, such as Service Requests, the move money tool, our our new digital account open tools, their submissions are processed more quickly, and it's easy to monitor their progress on the Status page.

To help you adjust to this new policy and continue to meet your clients' needs seamlessly, we've developed this quick reference sheet.

If you have any questions, please contact your service team. For the latest updates on your submissions, visit the Status tab on Schwab Advisor Center®.

May 2020 (0520-0PK0)

Use digital tools and Service Requests for efficient processing

Leverage Service Requests to submit attestations without printing or scanning

To make it easier for advisors to help clients transact money movement requests, Schwab is temporarily offering new options for attesting to these transactions.

While we will continue to accept printed and scanned cover letters when attached to a money movement request, advisors can also provide attestation via either of the following methods:

  • Digitally sign the cover letter via mouse, finger, or stylus, depending on the device you are using, and then upload the completed form to Service Requests, or send via secure email.

    Or,
     
  • Type the following language into the information field of the Service Request:

    "I have verbally confirmed and validated the transaction with my end client.

    Our firm understands that Schwab is relying on my representations and that Schwab is not responsible for any resulting loss if verbal verification was not received by my firm."

Please note that this policy is intended to be temporary, in recognition of the large number of advisors who are currently working remotely, without access to printers or scanners. Once the current situation has passed, we will inform you before reinstating our original policy.

April 2020 (0420-0KPK)

Leverage Service Requests to submit attestations without printing or scanning

Optional feature enables money movements to be held in "pending" status until approved by an authorized user

As part of our ongoing effort to make it easier to use our digital workflows, we've added a top requested feature to help firms with multiple advisors maintain their security protocols.

Now, firms can enroll in a new workflow that requires an authorized Schwab Advisor Center® user to release money movement requests after they are initiated by another member of the firm. This new feature means that firms can choose to add an additional step to help protect against mistakes and fraud.

If your firm adopts this procedure, your staff will use the Move Money tab as usual to initiate client requests. But after the request is submitted, it will appear in "initiated" status until the authorized staff member reviews and approves the details of the transaction, and releases it to the client for approval.

If your firm is interested in leveraging this new feature, please speak with your Service Team or Relationship Manager to start the enrollment process.

Once enrolled, use the step-by-step guide  to see how it works. To help you decide whether your firm could benefit from this new feature, sign up for an upcoming webcast to have your questions answered by one of our experts.

March 2020 (0320-0YNB)

Optional feature enables money movements to be held in "pending" status until approved by an authorized user

Move money and eAuthorization tools now work for overnight checks

It's now easier than ever to send overnight checks requests for your clients, using our fast, secure move money tool. Best of all, clients can approve overnight check transactions on their mobile devices or desktops using eAuthorization, or you can print it out for your clients to sign.

The process for sending overnight checks through the move money tool uses the same workflow as other checks. Simply select "overnight" in the delivery method, and note that a fee will be charged to your clients for overnight service.

To learn more about how the move money tool can help you support different types of money movements, view our at-a-glance guide. You can also see the move money experience for both you and your clients in our step-by-step guide .

February 2020 (0220-0G32)

Move money and eAuthorization tools now work for overnight checks

Non-IRA accounts can easily move cash and/or positions into Schwab Charitable® account

It's easier than ever to journal cash and/or positions from a non-IRA brokerage account to a Schwab Charitable account, because now you can use the Move Money tool to complete the transaction for your client. The tool, which is designed to streamline the process and reduce errors, is a great choice for creating:

  • One-time position journals
  • One-time or recurring cash journals
  • Cash journal SLOAs and related transactions

In addition, this means that you can leverage secure, convenient eAuthorization, which allows your client to approve money movement transactions with a few taps on their mobile device or desktop.

December 2019 (1219-9F2V)

Non-IRA accounts can easily move cash and/or positions into Schwab Charitable® account

New navigation makes it easy to access electronic workflows

Now if you have access to the Move Money tab on Schwab Advisor Center®, when you use the links on the Forms and Applications page to request a check or journal transaction on behalf of your clients, you will automatically be directed to the move money workflow for your transaction.

This new functionality is similar to the experience that is currently in place for wire requests, and is designed to help you provide the best, fastest, most secure experience for fulfilling client requests.

November 2019 (1119-925D)

New navigation makes it easy to access electronic workflows

New indicators make it easy to see updated transaction types

Schwab recently implemented new policies relating to our definitions of first-party money movements. Schwab's expanded definition of first-party money movements is now available for Schwab MoneyLink®, journal, check, and wire transactions.

In addition, there is a new data field in the move money tool that indicates if a transaction is first or third-party. The new indicators can be found on the Transaction Status and On-Request SLOAs/Moneylinks tables and export reports. The indicators reflect Schwab's updated definitions for first-party and third-party money movements in light of the SEC's 2017 guidance on the Custody Rule.

To review the acceptable account registrations and underlying conditions that must be met for a transaction to be considered first-party, review our Guide to Custody Rule and move money authorities .

Visit our refreshed Service Guide page  to download the interactive overview to explore a list of topics and frequently asked questions related to the Custody Rule.

October 2019 (1019-9S62)

New indicators make it easy to see updated transaction types

Now available for checks and wires: expanded first-party definition

As a result of the SEC's 2017 guidance on the Custody Rule, Schwab has implemented new policies relating to our definitions of first-party money movements. Schwab's expanded definition of first-party money movements has now launched for checks and wires. These new definitions have already been applied to Schwab MoneyLink®, and journal transactions.

With this change, a wider variety of transactions can now be considered first-party at Schwab (e.g., a check from John Doe Revocable Trust — where John is the sole trustee, grantor and beneficiary — payable to John himself). As a reminder, withdrawal authority on an account allows you to distribute checks payable to a first party and mailed to the address on file. You will continue to submit your check requests using normal operating procedures.

To review the acceptable account registrations, underlying registrations, and underlying conditions that must be met for a transaction to be considered first-party, review our Guide to Custody Rule and move money authorities .

Visit our refreshed service guide page  to download the interactive overview to explore a list of topics and frequently asked questions related to the Custody Rule.

August 2019 (0819-9ESJ)

Now available for checks and wires: expanded first-party definition

Expanded guided tutorials now include journals

Earlier this year, we announced new contextual help functionality on the Move Money tab that walked users through important functional areas. This month we are expanding this functionality to provide a complete, step-by-step walkthrough of the process of creating a cash and position journal request on Schwab Advisor Center's Move Money tools.

Simply click the "Guide Me through a journal transaction" link at the top of the journals page, and the system will guide you through the entire workflow, including the option of choosing convenient, secure eAuthorization to allow your clients to approve with a few taps on their mobile devices or desktop computers.

We will be expanding this functionality to other popular areas of Schwab Advisor Center®. We look forward to hearing your feedback on these and our other enhancements designed to make it easier for you and your clients to work with Schwab.

August 2019 (0819-9ESJ)

Move money is the first tool to leverage new "guided help" technology

(0220-0G32)

For advisor use only. For general educational purposes.

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