Schwab Advisor Services will make its digital onboarding capabilities available to independent adviser clients beginning next month. The capabilities build on Schwab’s existing digital account opening tool and will permit account funding, whether from an account transfer or an ACH payment, within a single digital envelope, Schwab said in a release.
Schwab said all-digital onboarding will enable advisers “to open most accounts in just minutes.” The firm also will enroll users in Schwab Alliance, the end-client portal, which encourages ongoing digital workflows between advisers and clients.
Advisers also will be able to send incomplete envelopes and collaborate with clients to complete required documents.
“This more efficient process will 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,” Andrew Salesky, Schwab’s managing director of digital adviser solutions, said in the release.
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