Schwab Advisor Services Announces Digital Account Onboarding

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.

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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.

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