18 February 2018
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Schwab Institutional introduces online advisor document services

13 January 2006  |  1928 views  |  0 Source: Charles Schwab

Schwab Institutional, a leading provider of custodial, operational and trading support for independent fee-based investment advisors, today announced two new services designed to help advisors manage their practices more efficiently by offering an alternative to paper account statements.

Advisors can now download, archive by master account and print their clients' Schwab statements via Schwab Institutional's web site.

In addition, advisors' clients can now quickly and easily view, print and save their own monthly statements via a special web site designed for clients of advisors doing business with Schwab Institutional.

"Advisors are experiencing tremendous growth, and as a result, are shouldering many more administrative burdens," said Steven Hirsch, vice president of Schwab Institutional. "They are eager for systems that help them both manage client documents and reports more efficiently and respond more effectively to their clients' requests for information." He emphasized, "These new services are an important complement to the high-quality, responsive service that has long been the hallmark of Schwab Institutional."

Advisors can now archive client statements by downloading them from the reports section of the Schwab Institutional web site. Statements will be available for download by the end of the fifth business day of every month - considerably faster than when the statements are sent by mail. While paper statements and CD ROM delivery will still be available, many advisors will elect to download and archive the statements in the location of their choice, and opt to stop receiving paper and/or CDs in order to save space, reduce office clutter, and eliminate filing time.

Advisors' clients can also opt to stop receiving paper statements by mail and view, save and print up to four years of their statements online. "This service enables advisors to simplify their clients' paperwork and storage needs and respond to the preferences of their clients who would rather receive and manage electronic documents," noted Hirsch.

Late this month, advisors will also be able to view, download and save their clients' 2005 1099s.

In addition to maintaining a more efficient business, some of the benefits of online statements and 1099s include maintaining tighter security of client information, especially important in the event of a disaster or situation that impacts or damages the advisors' office records. The new online services also enable advisors to save statements in the locations and media of their choice - an important benefit to those with offices in multiple locations and cities.

Advisors should consult with their compliance and legal counsel regarding the appropriateness of electronic document retention.

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