Digital tools simplify end-of-year tasks

With the digital tools and resources on Schwab Advisor Center^® you can tackle critical—yet tedious—year-end tasks efficiently and securely. And by streamlining your end-of-year workload, you'll have extra time for clients and new year planning. Here are a few useful tips:

Money movements

The move money tool helps you validate data and meet year-end deadlines with extended cutoff times through the end of December for Roth conversions, charitable distributions, RMDs, and other year-end transactions. 

Move money also helps you easily process qualified charitable distributions with the 7-QCD code for tax elections. This option sets the tax withholding for that transaction to zero, with no impact on the account-level settings and future-dated or recurring transactions.

You can also now take any on-request profile on which you have investment advisor authority and create a recurring transaction—without the need for client authorization.

Finally, for an even faster and more secure move money experience, send the transaction to your client to approve on the go with eAuthorization.

Last-minute accounts

Open last-minute accounts with digital onboarding. With the digital onboarding guided workflow, you can open, set up, and fund multiple accounts for a household in minutes. Your clients will appreciate the simpler, more streamlined review and approval experience that gets the information right the first time.

RMDs 

Use the Required Minimum Distribution (RMD) tab to track client accounts and customize, view, and export RMD data for your firm. This tab lets you sort by age to see which clients haven't yet taken their RMD for 2024, and who needs to do so in 2025. The tab also shows which client accounts have minimum distributions for the current year, the total amount of the required distribution, and the amount already distributed year-to-date. You can also use the move money import transactions tool to process bulk RMDs and set-up auto-calculated check or journal RMDs for the next calendar year. 

Status and Alerts

Keep clients updated on the progress of their year-end requests by getting the latest information from a single location within Schwab Advisor Center. The Status & Alerts overview page provides a consolidated view of all recent updates and alerts, making it easy to review and act on requests.

Schwab Data Delivery^®

Use Schwab Data Delivery^® files to prepare for tax season. Files containing the unrealized and realized gain/loss information for each account under a master account can be accessed through Schwab Data Delivery. These reports can be helpful when planning for end-of-year tax-loss harvesting and identifying shares sold with missing cost basis.

Year-end fraud tips 

Reduce the risk of fraud for your firm and your clients. Criminals know that we can become distracted by year-end deadlines and other events. They use this knowledge to attempt fraud while our guard is down. View the fraud prevention tips and resources on Schwab Advisor Center to protect your clients' information and assets. 

What you can do next

• Review other important information about 2024 year-end deadlines and dates for charitable giving.
• For more tips on leveraging technology for year-end tasks, download the replay for the October 23 Tech Talk webcast.