Schwab Advisor Services Announces Digital Account Onboarding
June 23 2021 - 6:00AM
Business Wire
Independent advisors can open, fund and set-up
multiple account types in a 100% digital process that takes only
minutes
Schwab Advisor Services™ announced today that its new digital
onboarding capabilities will be available to independent advisor
clients beginning next month. Building on the existing digital
account open tool, the new workflow will now also provide advisors
with account funding, whether from an account transfer and/or ACH,
and the entire process occurs within a single digital envelope,
improving client convenience/completion. In addition to the most
common accounts already supported, digital account onboarding will
also support an expanded number of account types including all
living trusts, inherited IRAs for individuals and custodial
accounts.
“This is a major milestone in our efforts to provide the
fastest, most secure way for advisors to onboard new and existing
clients,” said Andrew Salesky, managing director, Digital Advisor
Solutions. “Beginning next month, advisors will be able to open
most accounts in just minutes using this easy-to-follow,
all-digital process. It is a game-changer in terms of delivering a
simpler and more collaborative experience between advisors and
their end clients.”
Additional features and benefits:
- Establishes enrollment in Schwab Alliance, the end-client
portal, which encourages ongoing digital workflows between the
advisor and the end-client.
- Support for 16 types of the most popular advisor documents,
plus Schwab forms, that allow advisors to compete account
enrollment documentation within one digital workflow.
- Allows advisors to complete set up options like prime broker
enrollment, wrap agreements and margins.
- Advisors can send incomplete envelopes and collaborate with
clients to complete required documents.
- As with the existing digital account open tool, the expanded
digital account onboarding solution will be available as part of
Schwab’s integration offer which provides a range of data and
capabilities to third parties. Schwab currently has more than 180
integration partners.
“Digital adoption by advisors and their clients continues to
accelerate and this latest enhancement not only allows for a better
client experience and a more efficient process but will also reduce
the 30%+ error rate we see with paper forms to the low single
digits as a result of more simplified data entry and verification,”
said Salesky.
About Charles Schwab & Co.
At Charles Schwab we believe in the power of investing to help
individuals create a better tomorrow. We have a history of
challenging the status quo in our industry, innovating in ways that
benefit investors and the advisors and employers who serve them,
and championing our clients’ goals with passion and integrity.
More information is available at www.aboutschwab.com. Follow us
on Twitter, Facebook, YouTube and LinkedIn.
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 31.9 million active brokerage
accounts, 2.1 million corporate retirement plan participants, 1.6
million banking accounts, and approximately $7.07 trillion in
client assets. Through its operating subsidiaries, the company
provides a full range of wealth management, securities brokerage,
banking, asset management, custody, and financial advisory services
to individual investors and independent investment advisors. Its
broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD
Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC,
www.sipc.org), and their affiliates offer a complete range of
investment services and products including an extensive selection
of mutual funds; financial planning and investment advice;
retirement plan and equity compensation plan services; referrals to
independent, fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based
investment advisors through Schwab Advisor Services. Its primary
banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an
Equal Housing Lender), provides banking and lending services and
products. More information is available at www.aboutschwab.com.
Schwab Advisor Services™ serves independent investment advisors
and includes the custody, trading, and support of Schwab.
Independent investment advisors are not owned by, affiliated
with, or supervised by Schwab. For informational purposes only.
©2021 Charles Schwab & Co., Inc. (“Schwab”) All rights
reserved. Member SIPC.
(0621-1T97)
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Kerstin Österberg The Neibart Group 347-866-3032
sas@neibartgroup.com
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