Portfolio Connect Section

How to assign billing settings in Schwab Advisor Portfolio Connect®

How to assign billing settings in Schwab Advisor Portfolio Connect®

With Schwab Advisor Portfolio Connect, you can assign billing settings to an account or an account group. Once you assign billing settings and select a fee schedule, Portfolio Connect generates an invoice and calculates the management fee for you to take action.

To get started with Portfolio Connect, you will need the following:

User access

Users with the Schwab Advisor Center® firm security administrator (FSA) Tooltip designation have access to all accounts and data within Portfolio Connect.

Non-FSA users have:

  • The same account data access on Portfolio Connect that they do on Schwab Advisor Center
  • No access to firm level data

See How to work with Schwab Advisor Center® user security groups for details.

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For all accounts and account groupsBefore billing settings can be applied, a fee schedule needs to be created.

Use one of these processes to assign a pre-existing fee schedule to an account.

For New accounts that have not yet been reviewed within Schwab Advisor Portfolio Connect:

  1. Go to Accounts > Account > Review.

For Active accounts that have already been reviewed in Schwab Advisor Portfolio Connect:

  1. Go to Accounts > Accounts > click the action menu to the right of the account and then select View Account Profile to view the account details.
  2. Navigate to Billing Settings and click Edit.
  3. Select Single Account in the Billing Source section. 

    Note: If the account will be billed as part of a group, then select Member of Group in the Bill as section and assign the fee schedule to the group.
     
  4. Choose Automatic or Manual as the Payment Method. 
    • Automatic indicates that fees will be deducted from this account once processed by the advisor.
    • Manual indicates this account pays from an outside source such as pay by check.
  5. Select the appropriate Billing Start Date to indicate when the billing calculations should begin for the account.
  6. Choose the Fee Schedule to assign from the dropdown.
  7. Optionally choose to Override Minimum fee, if needed.
  8. Optionally add a Fee Adjustment. Increase or decrease your fee amount by adding a positive or negative value. Enter a Fee Adjustment Description to display with the fee adjustment on the invoice. 

    Note: Fee adjustments are static and will remain on the account until removed.
     
  9. Click Save.

Use one of these processes to assign a pre-existing fee schedule to a group.

For New groups that have not yet been created within Schwab Advisor Portfolio Connect:

  1. Follow the Group creations process on How to get started in Schwab Advisor Portfolio Connect®.

For Active groups that have already been created in Schwab Advisor Portfolio Connect:

  1. Go to Accounts > Groups > click the action menu to the right of the group and then select View Account Group Profile to view the group details.
  2. Navigate to Billing Settings and click Edit.
  3. Select Account Group in the Billing Source section.
  4. Select the appropriate Billing Start Date to indicate when the billing calculations begin for the group. Click Next.
  5. Choose the Fee Schedule to assign from the dropdown.
  6. Optionally choose to Override Minimum fee, if needed for the group.
  7. Optionally add a Fee Adjustment. Increase or decrease your group fee amount by adding a positive or negative value. Enter a Fee Adjustment Description to display with the fee adjustment on the invoice.
  8. Click Next.

    Note: Fee adjustments are static and will remain on the group until removed.
     
  9. Define Fee Allocation settings:

    Fee allocation type

    Determines how the group fee will be allocated to the underlying accounts.

    • Pro-Rata - Allocates the group fee to each underlying account based on the weight underlying account in the group.
    • Fixed Rate - Allocates the group fee to each underlying account based on the advisor defined percentage.
    NumberThe account number for each account within the group.
    NameThe account name for each account within the group.
    Billing Source

    Displays where an account is set to bill.

    • This Group—Indicates the account is set to bill within the group you are viewing.
    • Another account group name—Indicates this account is set to bill as a member of a different group.
    • Account—Indicates the account is set to bill by itself.
    • Not Billed—Indicates the account is not set up to bill.

    Portfolio Connect will does not allow accounts to be set up to bill in more than one account or group.

    Include

    Indicates if the underlying account value will be included in group value used for fee calculations.

    • Yes – will include that accounts value in the group value used for billing.
    • No – will exclude that accounts value from the group value used for billing.

    Note: Accounts excluded from billing will still be included in the performance.

    Allocate Fee

    Indicates if the individual account will deduct its allocated portion of the group fee.

    • Yes – indicates that the account will deduct its allocated portion of the group fee.
    • No – indicates that the account's allocated portion of the group fee will be allocated to the remaining members of the group for deduction.
    Allocation TypeIndicates if the account allocation is set to Pro-Rata or Fixed Rate allocation.
    Allocation Rate

    Percentage of individual fee allocation can be entered here if Fixed- Rate allocation is used.

    This field is not applicable for Pro-Rata allocation.

    Hide Invoice

    Indicates if this individual account will have an invoice included in their Client Reports.

    • Yes – will hide the invoice from the Client Report for the account.
    • No – will include the invoice in the Client Report for the account.

    Note: This is only applicable for accounts that have Allocate Fee set to No and include invoices in the Client Report package.

  10. Click Save.

For additional information about processing management fees, refer to How to review and submit management fees in Schwab Advisor Portfolio Connect®.

For additional resources, go to the Help menu at the top of each page in Portfolio Connect. Call the number listed under Contact Us to speak with platform support.

Why do I have to click View Account Details instead of Review to assign a Fee Schedule?
An account will be in Review status when it is new. Once you define the billing and report settings, the account will have a status of Active. After an account is in Active status, you can access the account profile page by clicking View Account Details from the in-row menu on the right.

Where do I view my projected invoice based on the billing settings I've assigned?
Once billing settings are saved, Portfolio Connect creates a projected invoice that is available to view under Billing > Billing Overview.

How to get started in Schwab Advisor Portfolio Connect®
How to review and submit management fees in Schwab Advisor Portfolio Connect®
How to work with fee schedules in Schwa Advisor Portfolio Connect®
Introduction to Schwab Advisor Portfolio Connect®
Introduction to Schwab Advisor Portfolio Connect® Billing