Portfolio Connect Section

Introduction to Schwab Advisor Portfolio Connect® Billing

Introduction to Schwab Advisor Portfolio Connect® Billing

Schwab Advisor Portfolio Connect has been designed to support billing calculations as well as billing workflows. With Schwab Advisor Portfolio Connect Billing feature, you have the ability to calculate management fees, transmit fees to Schwab Advisor Center®, and create invoices for your clients.

In Schwab Advisor Portfolio Connect, go to Billing Billing Overview. The default period is the current billing quarter.

Fee SchedulesStore the specific settings* required to calculate a periodic fee. Fee schedules are created and maintained independently, and any number of investment entities can be associated with any fee schedule.
Account Billing SettingsProvides account specific settings related to billing, including whether the account is billed independently or as part of a household, the fee schedule to apply to an account, the ability to override specific fee schedule attributes at the account level, the billing start date, and the ability to apply account level fee adjustments.
Account Group Billing SettingsProvides account group specific settings related to billing, including whether the account group is billed or not, the fee schedule to apply to the account and its members, the ability to override specific fee schedule attributes at the account group level, the billing start date, the ability to assign allocation settings to individual accounts billing as part of the account group, and the ability to apply account group level fee adjustments.
Billing Summary gridSupports a number of workflows related to billing, including mid-period fee amount projection, fee analysis, cash validation, custodian fee transmission, and fee reconciliation. The billing grid allows you to track and manage fees through the stages of calculation, communication, payment, and reconciliation. The Billing Summary grid also serves as a resource for viewing historical billing information.
Billing FrequencyBill Accounts and Account Groups on a monthly or quarterly basis.
Prorate the First and Last InvoicesProrate management fees for relationships starting or ending mid-period. This setting is selected at the fee schedule level and is displayed in the Account and Account Group Billing Settings. The fee will be adjusted based on the billing start date or close date rather than the entire billing period.
On-Demand BillingBill your clients right after they open or close their account and/or account group, giving you the flexibility to complete billing workflows mid-billing cycle.
Prorate Cash flowsProrate management fees based on the flows that take place during a billing period. This setting is selected at the fee schedule level and is displayed in the Account and Account Group Billing Settings. Each flow during the period is detailed on the fee analysis page and a summary of all flows is displayed on the client invoice.

For details on Prorate Cash flows functionality, see How to work with fee schedules in Schwab Advisor Portfolio Connect®.
Fee AdjustmentEnter a dollar value adjustment to your client’s management fee. Fee adjustments can be made on the Account and/or Account group level. Portfolio Connect also provides a function to add a fee adjustment description related to the fee adjustment. This information is available to view on the client invoice.
Manual BillingTrack and add management fee payments (made from an outside source), against the calculated fee amount in Portfolio Connect, ensuring you have full control of the management fee payments made by your client.

*Minimum fee can be overridden for a given account or account group, preventing the need to create a fee schedule for every exception case.

Where do I set the date when the account's billing starts?
The date an account or account group begins calculations for billing is set by the billing start date. The billing start date can be found under Billing Settings of the account or account group profile page.

How do I assign a fee schedule?
Fee schedules are assigned on the profile page of the account or account group. Before a fee schedule can be assigned, you must first define how the account or account group will bill by making a selection in the Billing Source field. For details, see How to work with fee schedules in Schwab Advisor Portfolio Connect®.

How are fees transmitted to Schwab Advisor Center?
Fees can be submitted by opening the billing grid for the period you are billing. To transmit fees in bulk, click Transmit Pending Fees at the top-right of the Billing Summary grid. Fees can also be transmitted individually by checking the box to the left of the invoice row to transmit, then select transmit fees in the Action button at the bottom of the page.

How to work with fee schedules 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®

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.