Portfolio Connect Section

How to bill on-demand in Schwab Advisor Portfolio Connect®

How to bill on-demand in Schwab Advisor Portfolio Connect®

With Schwab Advisor Portfolio Connect, you can bill your clients on-demand. This gives you the flexibility to generate a pro-rated invoice when accounts open or close mid-period.

To get started in 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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Note: Some Schwab Advisor Portfolio Connect elements are not supported on Internet Explorer or Microsoft Edge.
LoginPortfolio Connect is only accessible through Schwab Advisor Center by going to More > Portfolio Connect > Continue to Portfolio Connect.

Use this process to bill a new account immediately when it enters Portfolio Connect mid-period.

Note: Mid-period billing on new accounts is only available with accounts billing in advance. Alternatively, mid-period billing for new account may be omitted and value of the new account can be captured in the next billing period with proration of flows.

  1. Within Portfolio Connect, go to Accounts > Accounts.
  2. Locate account from Accounts Grid, and click Review.
  3. Update Account Information, if needed, and click Continue.
  4. Select Billing Settings > Billing Source > Single Account.
  5. Assign appropriate Payment Method and Billing Start Date settings.
    •  Note: The Billing Start Date will be the date used to prorate the mid-period bill.
  6. Choose the Fee Schedule to assign from the dropdown. 
  7. Optionally input Override Fee, Minimum Fee, Fee Adjustment Amount, and Fee Adjustment Description.
  8. Fill out the remainder of the account details and click Save.
  9. To process mid-period billing, follow steps in How to process mid-period fees section.

Use this process to bill a closed account mid-period:

Note: Mid-period billing on closed accounts is only available with accounts that bill in arrears.

  1. Within Portfolio Connect, go to Accounts > Accounts.
  2. Locate the account from the Accounts Grid, click the action menu to the right of the account, select View Account Profile.
  3. Scroll to the bottom of the page and click Close this Account.
  4. Under Account Close Date, enter the final account relationship date. 
  5. Select Exit Dates if the account is a member of a Group.
  6. To confirm your intention to close the account, click Close Account.

Use this process to bill a group mid-period when a client leaves management:

  1. Within Schwab Advisor Portfolio Connect, go to Accounts > Groups.
  2. Locate the account group from the Groups Grid, click the action menu to the right of the group, and select View Account Group Profile.
  3. Scroll to the bottom of the page and click Close Group.
  4. Under Account Group Close Date, enter the final account group relationship date.
  5. To confirm your intention to close the account group, click Mark as Closed.
  6. To process mid-period billing, follow steps in How to process mid-period fees section. 

After you open or close an account and/or group, you process the fees:

  1. Navigate to the appropriate billing period by going to Billing > Billing Overview
    • New accounts will be found in the previous billing period.
    • Closed account will be found in the current billing period.
  2. Lock mid-period invoices for accounts from the billing overview. Select the account or group using the checkbox to the left of the account. Go to Actions > Lock Billing Data for this Period.
  3. Select the account or group using the checkbox to the left of the locked account. Go to Actions > Transmit Fees to Schwab.
  4. A window will open so you can review all invoices to transfer under Fee to Transmit.
  5. Choose your Billing Master and click Transmit Fees.
  6. To go to the Schwab Advisor Center management blotter, click Go to Schwab Advisor Center.
  7. Once fees have uploaded to the blotter, click Send fees to Schwab at the bottom-right.
  8. If accounts pay manually see How to bill manually 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.

Can I get paid mid-period for invoices that aren't closed?
Invoices without a close date have not reached the end of the billing period required for correct valuation. These invoices are subject to change as the market changes. You can bill these invoices on the quarter-end only.

How to bill manually in Schwab Advisor Portfolio Connect®
How to get started in Schwab Advisor Portfolio Connect®
How to review and submit management fees in Schwab Advisor Portfolio Connect®
Introduction to Schwab Advisor Portfolio Connect®