digital trends

Schwab Advisor Services Enhances the Online Custody and Trading Experience for Independent Advisors and Their Clients

Efficiency and Productivity Among Main Goals for Update

SAN FRANCISCO, October 11, 2016 — /BUSINESS WIRE/ — Schwab Advisor Services today announced recent and upcoming enhancements to Schwab Advisor Center, the core custody and trading platform for independent advisors whose clients custody with Schwab.

The platform now offers an array of automation features and tools, along with online support and guidance to help advisors efficiently complete tasks and resolve questions or operational issues. The platform enhancements enable advisors and their clients to reduce paperwork and complexity.

“The advisor office is continuously changing as technology becomes an integrated and intuitive part of all facets of our lives,” said Ed Obuchowski, senior vice president, advisor technology solutions, Schwab Advisor Services. “Our vision is to empower advisors to conduct all routine business with Schwab securely online, digitizing their workflows at every opportunity, while also minimizing time-consuming activity like follow-ups on status over the phone. This will ultimately allow advisors to continue to achieve scale and efficiency in their operations and stay focused on the needs of their clients.”

Schwab Advisor Services unveiled the enhancements to Schwab Advisor Center at SOLUTIONS, the summer-long series of technology events held in 12 markets around the country for more than 1,800 professionals from independent advisor firms.

Key updates include:

Digital tools to reduce paper and complexity

The online account open tool guides advisors through the process to reduce errors, and enables them to send account applications to clients for electronic signature.

By partnering with DocuSign, Schwab plans to expand eApproval capabilities to most transactions conducted via Schwab Advisor Center, including money movement and account maintenance. Advisors can also now use text-based authentication. Lastly, bulk-downloading capabilities will increase efficiency for advisors who process a large number of e-signed forms.

Schwab will introduce a new electronic check deposit capability in 2017, which will allow advisors to scan checks and upload checks on behalf of their clients to Schwab Advisor Center. The tool will allow advisors to upload batches of checks to minimize data entry. Straight-through processing (STP) will ensure funds are deposited as quickly as possible into client accounts.

Streamlined access to client information

The advisor office is continuously changing as technology becomes an integrated and intuitive part of all facets of our lives.

Schwab has made it easier for advisors to securely view and share client account information with authorized third parties, such as legal counsel or accountants, through Schwab Alliance. Advisors can help clients manage the process, including obtaining client authorization and sharing with relevant parties, completely online.

In other efforts to streamline access to client information, Schwab recently introduced the ability for advisors to view a Schwab Bank Pledged Asset Line online and improved the experience for advisors’ clients who call Schwab for account information by introducing voice verification.

Improved online service experience

Schwab continues to add features to extend the client-service experience to the online platform. Building on the Service request feature launch a year ago, advisors can now securely submit requests or documents from their mobile phone or tablet. New tracking features make it easier for firms to manage documentation and track the history of requests. In addition, Schwab will soon introduce enhanced status for service requests, providing greater transparency into the status of requests.

The redesigned and enhanced Schwab Advisor Center service guide now features predictive search and frequent search suggestions. Advisors also have a more dynamic service experience with the ability to rate and comment on article content.

Schwab Advisor Center serves as mission control for approximately 40,000 independent advisors at more than 7,000 firms who custody more than $1 trillion in client assets with Schwab. The flexible and secure online platforms is the central access point for advisors to manage their trading and custody needs and integrate with both Schwab Alliance, the website for advisors’ clients, and Schwab Mobile, the mobile app. Schwab Advisor Center also integrates with Schwab’s proprietary trading and portfolio management solutions as well as with those of third-party providers.

For more information, access the replay of Schwab Advisor Services’ recent webcast: What’s new: An overview of technology platform enhancements.




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