Introduction to the Schwab Data Sharing Relationship Attestation Tool

Introduction to the Schwab Data Sharing Relationship Attestation Tool

Protecting your firm's and client's data is critical to the security of your business and is our highest priority. To help you accomplish this, Schwab has developed a tool on Schwab Advisor Center® which allows you to see where your client data is sent. Advisors are required to attest to the client data sharing relationships Schwab has on file by completing the Annual Third-Party Data Attestation.

To access or view the attestation tool, your firm's security administrator (FSA) will need to grant you permission. If others in your firm also need access either to view or modify third-party data access, your FSA can add those individuals to the relevant security groups from the security dashboard.
Screenshot of Fucntion Access screen

When you are logged into Schwab Advisor Center®, you can access the tool by clicking the More menu, and then selecting the Data-Sharing Relationships link.
Screenshot of the More menu

While you can view your firm's third-party data relationships year-round, the ability to make edits through the tool is only available during your attestation window. If you need to terminate a master account relationship outside of your attestation window, submit a Service Request or contact your Service Team. For data downloads, contact our Advisor Platform Support team at 800-647-5465 or email your request to SLF@schwab.com.

To complete your attestation:

  1. On the Review page, review the data-sharing relationships for your firm.
     
  2. Under Master account links, select Keep or Removal All or on each specific third-party relationship, select Keep or Remove. 
  3. Click Continue.
  4. On the Confirm page, review the information to be submitted to Schwab for accuracy.
    • If changes are needed, click Edit
       
  5. After confirming the accuracy of the third-party data relationship information, click Continue.
     
  6. To complete your attestation, click the I have reviewed my firm's data-sharing relationships box to indicate your review is complete, and then click Submit Attestation.
     
  7. After you submit your attestation, you will receive a confirmation screen displaying the results of your attestation choices.

For a step-by-step guide see the Data Sharing Tool Guide.

What is a data feed?
A data feed is a third-party relationship established by your firm through a Schwab third- or fourth-party download agreement. Data feeds are set up on a master level and data on all accounts associated with that master is transmitted to the listed recipient.

How do I establish a new data feed?
Contact Advisor Platform Support team at 800-647-5465 to obtain the appropriate paperwork.

What is a Master Account Linking?
A master account linking exists when an SL or BT master is linked to your end-client's sub-account. For more information on types of masters, visit Master accounts and their use at Schwab.

Who at my firm can review and confirm third-party data access?
By default, your firm's FSA will have the ability to complete the attestation. Your FSA can also grant this authority to other individuals at your firm who would be in the best position to evaluate these settings. See What you'll need section above for additional information.

How will I know when my attestation window has opened?
Your firm's FSA, along with anyone at the firm who has been granted the ability to Submit Data Sharing Relationships, will receive an email to alert your firm that your attestation window has opened. A reminder email will be sent 15 days as well before your window closes.

When will my attestation window open?
Emails are sent in waves and your wave information is based on the last digit of your firm's Schwab Advisor Center Firm ID. If you do not know your firm's Schwab Advisor Center Firm ID, select your name located towards the top right section of Schwab Advisor Center and then click on the profile tab in the dropdown. Your firm's six-digit Firm ID number will be located underneath your firm's name. For wave information, review the chart below.

IA Firm ID Ending InWave Begins
1January 1
2February 1
3March 1
4May 1
5June 1
6July 1
7August 1
8September 1
9October 1
0November 1

Note: The Data Sharing Tool and attestation process for advisors began June1, 2021. If your firm's ID ends in 1, for example, you would have received your first attestation email in January 2022.

I am performing my annual attestation and want to terminate a primary level relationship but keep the sub-level data sharing preference, what do I do?
You cannot keep access for firms that receive your data through another firm. You will need to establish a new data feed directly with the sub-level relationship.

I only want to remove a data sharing relationship that is tied to a third party and was not directly created by my firm. What do I do? 
You will need to remove the primary relationship. Only the firm that initiated a master link or data download can request to terminate a feed.

What if I don't recognize one or more of the current third-party data permissions, or I have other questions?
If you don't recognize a data download, contact our Advisor Platform Support team at 800-647-5465. For questions regarding master link relationships, or other questions related to attestation, contact your Service team.

One of the relationships identified is a Money Manager. Can I use the attestation process to terminate that relationship?
The attestation process was not implemented to replace the standard process for terminating a money manager. End-client authorization or Delegation of Advisor Authority for each sub account is required to remove a Money Manager from a client’s account. For more information, refer to How to add an additional managed account, or change or terminate a money manager.

Why can I not terminate a TAMP relationship during attestation?
TAMP relationships are established using a special Investment Manager Service Agreement. To terminate your relationship with that firm, additional documentation will be required. For more information, contact your Service team.

If an Investment Advisor (IA) does not have the authority to terminate a Money Manager or TAMP relationship on an account, why are they included in the attestation process?
The attestation tool is limited in its capabilities and unable to capture all our required internal processes when terminating certain relationships. Money Manager and TAMP relationships make up a large portion of the third-party master relationships and although an IA may not be able to terminate a Money Manager or TAMP, it is important the firm reviews the relationships.

How often will I be asked to attest to the accuracy of my firm's third-party data access settings?Schwab will ask firms to review their third-party relationships annually. However, the tool is available for you to view your firm's information as needed. If you need to terminate a master account relationship outside of your attestation window, submit a Service Request or contact your Service Team. For data downloads contact our Advisor Platform Support team at 800-647-5465 or email your request to SLF@schwab.com.

I've reviewed the data sharing relationship page and identified a relationship that should be terminated. What should I do?
If you need to terminate a master account relationship outside of your attestation window, submit a Service Request or contact your Service Team. For data downloads contact our Advisor Platform Support team at 800-647-5465 or email your request to SLF@schwab.com.

What happens if I don't complete my attestation?
Each firm is given 30 days to perform this review. If we do not receive a response within the 30-day attestation window, we will take your nonresponse as consent to remove all your data sharing relationships. If you have questions on this process, please contact your Service team or Advisor Platform Support.

Once I complete my attestation, are the data downloads or master linkings that I request to be terminated, turned off immediately?
No. A case is created and routed to the appropriate team for processing. The service level agreement (SLA) for these cases is 24-48 hours, though processing times may vary.

Keeping your third-party data connections secure

Master accounts and their use at Schwab