Schwab’s accelerated investment in advisor
technology continues to yield new digital tools that help
independent advisors pursue growth and increase efficiency
Schwab Advisor ServicesTM has introduced new enhancements to its
industry-leading digital onboarding capabilities, enabling
independent advisors to open and fund up to 10 new client accounts
in one “digital envelope,” which clients can authorize with just a
few clicks on their desktop or mobile device.
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Alison Dooher, head of Digital Advisor
Solutions at Schwab Advisor Services (Photo: Business Wire)
Building on the digital account open tool first introduced by
Schwab in 2018, this latest enhancement fulfills a big ask among
advisors who frequently need to open multiple accounts when
bringing on a new household. In early usage of the new tool, more
than half of new account-opening transactions involved multiple
accounts, and some as many as eight accounts.
In this latest iteration, Schwab further simplified the
onboarding process by letting advisors open multiple accounts,
tailor them to their clients’ needs, and fund them — all in a
single, 100% digital workflow completed with one email to their
clients.
“Most clients don’t just have one account: their portfolios are
held in an array of investment, retirement, trust, and other
accounts. With the ability to open and fund multiple accounts with
just a few clicks, our enhanced digital onboarding tool solves a
big pain point for advisors,” said Alison Dooher, head of Digital
Advisor Solutions for Schwab Advisor Services. “We have led the way
in developing innovative digital tools, and we’re extending that
lead by making client onboarding a simpler, more secure
experience.”
The digital onboarding workflow also now gives advisors the
option to upload up to 16 commonly used firm documents, such as
welcome letters, advisory agreements and regulatory disclosures,
for new clients to view, edit, acknowledge and approve. No pen or
paper needed.
Save Time. Minimize Errors
Digital onboarding streamlines the time advisors spend on
opening and funding new accounts and helps them deliver a better,
more convenient experience for their clients. Eliminating paperwork
also makes onboarding less prone to human errors that can cause
delay. Since the digital tool was introduced, the percentage of
documents not in good order (“NIGOs”) has dropped to 4 percent
versus 30 percent for paper-based transactions due to its ability
to validate input data from advisors and their clients.
In addition to being a key component of Schwab Advisor Center,
enhanced onboarding capabilities are available through many popular
third-party technology tools through Schwab’s third-party
integrations, which allow advisors to pass up to 50 different data
points into digital onboarding. Thanks to Schwab’s
open-architecture capabilities, advisors can open and fund multiple
accounts through their preferred CRM or financial planning
tool.
“Advisors don't serve accounts; they serve individuals and
families,” Dooher said. “Our 100% digital onboarding capabilities
let advisors streamline their workdays while delivering a more
convenient and safer client experience.”
These capabilities also extend to advisors’ clients, who can use
their Schwab Alliance credentials to review and approve new account
documents from their mobile device, quickly and securely.
Accelerated Investment in Advisor Technology
As Schwab prepares to complete its integration with Ameritrade,
it is leveraging its combined strength to accelerate investment in
advisor services technology — at a pace 3 times what it spent
before the acquisition. A big part of that has been Schwab’s
investment in digital onboarding.
Schwab achieved an industry-first in 2018 when it unveiled a
simple, 100% digital account opening solution, and it has extended
that lead over the past few years. Enhancements include the ability
to combine account features and set up funding, as well as support
for 13 of the most common account types, including individual and
joint tenant, Roth and rollover IRAs, and living trusts.
Last year, digital onboarding was enhanced to let advisors open
and fund new accounts in a single digital envelope while also
allowing clients of advisors to add and edit their own information
and documents within the same workflow. Advisors moreover can track
the status of approvals and recall or resend digital envelopes when
needed.
In the year ahead, digital onboarding will be further enhanced
to support even more account types and registrations, including
separately managed accounts. Additional digital capabilities that
will enable firms to manage their existing client accounts, such as
supporting a wider range of asset transfers and adding IRA
beneficiaries, are coming later this year.
Enhanced digital onboarding is just one example of Schwab’s
efforts to deliver advanced technology tools and streamline such
routine tasks as account opening, account maintenance, and money
movement. These changes benefit advisors, saving time and
minimizing errors, and reduce friction for investors.
“In this era of digital everything, it’s clear advisors who
embrace technology tools are better positioned to optimize their
business and satisfy clients,” said Jalina Kerr, managing director
of client experience for Schwab Advisor Services. “We are confident
that firms who leverage digital onboarding will be more efficient,
freeing up time that can be better spent building relationships and
growing their business.”
In its most recent RIA Benchmarking Study, Schwab found that
firms with greater adoption of digital workflows gained
efficiencies, spending on average 12.5% less time per client on
operations in 2021.
Schwab also continues to invest in and enhance its integration
with DocuSign, available through Schwab Advisor Center, which will
continue to be a significant part of its onboarding capabilities.
DocuSign’s digital forms are an important tool for multi-custodial
firms.
Visit us here to learn more about Schwab’s digital
client-onboarding capabilities.
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.
Through its operating subsidiaries, The Charles Schwab
Corporation (NYSE: SCHW) provides a full range of securities
brokerage, banking, money management and financial advisory
services to individual investors and independent investment
advisors. Its broker-dealer subsidiary, Charles Schwab & Co.,
Inc. (member SIPC, www.sipc.org), and 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;
compliance and trade monitoring solutions; referrals to independent
fee-based investment advisors; and custodial, operational and
trading support for independent, fee-based investment advisors
through Schwab Advisor Services. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides
banking and lending services and products. More information is
available at www.schwab.com and 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.
©2022 Charles Schwab & Co., Inc. (“Schwab”) All rights
reserved. Member SIPC.
C: 0722-2JPZ
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version on businesswire.com: https://www.businesswire.com/news/home/20220711005032/en/
Joseph A. Giannone Charles Schwab 862-370-9144
joseph.giannone@schwab.com
Liz Shaw, The Neibart Group 732-757-2119
sas@neibartgroup.com
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