The latest update to Schwab Advisor Services' digital onboarding technology lets independent financial advisers open and fund up to 10 new client accounts in a single workflow.
Schwab first introduced digital opening in 2018 and expanded it in 2021 with the ability to open and fund new accounts in a single digital envelope, but the technology was limited to a single account at a time. More than half of new clients need more than one account opened, with some bringing as many as eight accounts across brokerage, retirement, trust and other financial services.
Alison Dooher, who recently succeeded Andrew Salesky as head of digital adviser solutions following Salesky’s appointment as Charles Schwab’s chief digital officer, said support for multiple accounts was the most asked-for improvement to the technology.
The enhancement helps advisers bring on new households and transfer clients from other brokerages, Dooher said. Advisers can upload as many as 16 of the firm’s own documents — such as welcome letters, advisory agreements and regulatory disclosures — for clients to view, edit, acknowledge and approve in a single workflow.
“This simplifies the experience for all parties,” Dooher said.
For advisers using Schwab digital onboarding, the percentage of documents found to be not in good order has dropped to 4% from nearly 30% among those opening accounts with traditional paper documents, she added.
“In this era of digital everything, it’s clear advisors who embrace technology tools are better positioned to optimize their business and satisfy clients,” Jalina Kerr, Schwab Advisor Services’ managing director of client experience, said in a statement. “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.”
Multiple account opening is a great upgrade to Schwab Advisor Center, said Daren Blonski, managing principal of Sonoma Wealth Advisors. Although Blonski is excited to see future updates, he said Schwab’s technology still lags behind what advisers can find at leading third-party fintech companies.
“As a registered investment adviser working with Schwab, we spend a lot of money every year augmenting Schwab's lacking tech,” Blonski said.
As Schwab completes its integration with TD Ameritrade, which it acquired in November 2019, it is tripling the amount invested in adviser technology compared to before the deal. A significant portion has gone toward digital onboarding and how all the technology works together, Dooher said. For example, the onboarding technology can integrate with third-party client relationship management applications to automatically port prospect information over to the account opening process.
“A lot of the investment made in the past year is starting to bear fruit this year,” she said.
Going forward, Schwab plans to support a greater number of account types and registrations, such as separately managed accounts. A wider range of asset transfers and the ability to add IRA beneficiaries are coming later this year.
“How do we make operational tasks seamless and easy but also safe and secure?” Dooher said about the firm’s overall goal for Schwab Advisor Center.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
