How to customize Schwab reporting

How to customize Schwab reporting 

Schwab provides a wide variety of support for your cost basis, brokerage statement, and trade confirmation reporting needs. You can customize your reporting to better serve you and your clients by bundling and reducing paperwork, providing consistent firm branding, and more.

You can set up your cost basis preferences using paper forms, and you can set up quarterly trade confirmation and statement bundling preferences using DocuSign® or paper forms.

To customize Schwab reporting, you will need the following:

All processes
In addition to the information above, the following information specific to the type of customization may be required:
Add a logo
  • A completed Logo Request Form.
  • A logo adhering to Schwab's specifications
  • If adding a logo tagline, a tagline that is not the firm's name and does not guarantee performance, including non-factual or non-verifiable information
Set cost basis preferencesA completed Cost Basis Enrollment and Preferences Form to set the preferred default accounting method preferences for the firm, master, and/or sub-account
Set statement preferences
  • A completed Statement Preferences Form to choose your statement reporting or statement frequency preferences if you are on the old statement experience. Firms on the redesigned statement experience will update preferences online
  • A completed Statement Bundling Letter of Authorization Form to set up automatic bundling
Display cost basis on account holder websiteA completed Cost Basis Enrollment and Preferences Form to enable or disable cost basis information displayed on schwaballiance.com
Subscribe firm to trade confirmation report
  • A completed Investment Advisor and Money Manager Subscription form or the Bank/Trust Subscription form if your firm is a bank or trust company (request forms from your Schwab sales office)
  • If consolidating to quarterly trade confirmations, the email address of the investment advisor or money manager Tooltip
  • If consolidating to quarterly trade confirmations, and your firm is state registered Tooltip and located in a "non-electronic filing" state, a copy of your Form ADV
Subscribe client accounts to trade confirmation reportA completed Trade Confirmation Report Subscription Form
Form completion method

If using DocuSign to submit forms:

  • For existing Schwab clients, a complete Schwab Advisor Center® profile with the account holder's current email address and mobile phone number
  • For new-to-Schwab clients, the email address and a mobile phone number
  • All clients must use both text message (SMS) authentication and Knowledge Based Authentication (KBA) for DocuSign

This process may be used to customize Schwab reporting using forms.

  1. Go to the forms library on Schwab Advisor Center and select the appropriate form(s) below. Click Select, and then select Open PDF:
    • Cost Basis Enrollment and Preferences Form to set the preferred default accounting method preferences for the firm, master, and/or sub-account
    • Cost Basis Enrollment and Preferences Form to display cost basis on schwaballiance.com for your client
    • Statement Preferences Form to choose your statement reporting or statement frequency preferences if you are on the old statement experience
    • Statement Bundling Letter of Authorization Form to set up automatic bundling
    • Logo Request Form to add your logo to account holder statements, trade confirmation material, and/or Schwab account holder website available to clients on Schwab Alliance
  2. Print the form(s) and obtain signatures from each account holder(s) or the responsible individual Tooltip . Send the signed form(s) to your Schwab service team via a Schwab Advisor Center service request.
  3. If you are adding a logo, complete the Logo Request Form and send the logo file to asstatementsupport@schwab.com.
    • Faxed logo images will not be accepted.

Before subscribing clients to the trade confirmation report, you must first subscribe your firm. This process may be used to subscribe your firm to the trade confirmation report and only has to be done once per firm.

  1. Contact your Schwab sales office for the Investment Advisor and Money Manager Subscription or the Bank/Trust Subscription (if your firm is a bank or trust company) form and complete all necessary fields.
  2. Print the form and obtain a signature from a principal on the Form ADV schedule. Mail the forms to your Schwab sales office and wait for confirmation before proceeding to the next section below. The original subscription form is required; faxes are not accepted.

This process may be used to set up automatic statement bundling preferences and/or subscribe client accounts to the trade confirmation report using DocuSign once the firm is subscribed.

  1. For details, see How to use DocuSign.
  2. Use the form(s) below to complete the workflow:
    • Statement Bundling Letter of Authorization Form
    • Trade Confirmation Report Subscription Form

Once you have submitted your request:

  • Schwab may contact you for additional documentation and/or information after completing an initial review.
  • For statement changes submitted on the Statement Preferences Form, advisors must submit the form no later than ten business days prior to month-end to ensure the next monthly statement reflects the changes.
  • Allow 45 days to process your logo before it appears on the reports.
  • If the forms were submitted using DocuSign, see the What's next? section of How to use DocuSign.
  • If you have questions about cost basis reporting, statement preferences, and tax reporting, contact your service team or call  Advisor Services Cost Basis Service Tooltip at 877-762-6446.

This section contains a list of related forms and resources. To select a form, go to the Forms library on Schwab Advisor Center.

Form: Cost Basis Enrollment and Preferences Form
Form: Logo Request Form
Form: Statement Bundling Letter of Authorization Form
Form: Statement Preferences Form
Form: Trade Confirmation Report Subscription Form
Resource: Sample Compact Statement and statement guide
Resource: Sample statement with position level cost basis displayed
Resource: Sample statement with tax lot cost basis displayed and statement guide
Resource: Sample statement without cost basis displayed

 

Is there a fee to display my logo on clients' brokerage statements, trade confirmation material, and/or on the Schwab Alliance website?
No. There is no fee to display your logo on client reports or on schwaballiance.com.

May I have a different logo assigned to each firm?
Yes. You can have more than one logo for your firm. However, there would need to be an approved doing business as (DBA) Tooltip name listed on your Form ADV paperwork on file. A master account can't have more than one logo. See the Logo Request Form for more information.

Will my clients see the adjusted cost basis of fixed income positions and amortization numbers on their reports?
If you have selected the reporting preference that allows your clients to view unrealized gain/loss information on Schwab Alliance and/or the preference that includes cost basis information on monthly statements, your clients will see the adjusted cost and basis values online and/or on their statements.

How can I access my clients' documents online?
Your firm can access electronic copies of your clients' account documents from the Documents page on the Schwab Advisor Center website. To access documents online, you will need to be assigned the Access Client Reports Tooltip security function by your firm security administrator. Your firm security administrator can also grant download privileges through the Access Report File Downloads Tooltip function.

If an existing trade confirmation subscription has already been set up for my client, how do I manage their subscription?
To add new accounts to an existing subscription group, you can check the "Add to Existing Subscription" option on the Trade Confirmation Report Subscription Form, provide one of the account numbers with the existing subscription, and have the client sign the form.

To delete accounts from a group or cancel an entire subscription, contact your service team.

Statements already contain trade information, so why does a separate report need to be generated?
Statements do not contain all the regulatory information that is required on an actual confirmation. In order to satisfy the regulatory requirements and ensure a streamlined client experience, we will send both statements and a separate Trade Confirmation Report.

Why does my firm need to sign the Investment Advisor and Money Manager Subscription form when submitting the Trade Confirmation Report Subscription Form?
SEC releases relating to Rule 10b-10 govern the ability to "suppress" trade confirmations, and they indicate that a client can opt for consolidated confirmation reporting no less frequently than quarterly in lieu of immediate confirmations provided the trading fiduciary on the account is receiving immediate confirmations on their behalf (either electronically or via a mailed hard copy). In this context, delivery relates to a complete delivery of all trade confirmation information that would not be found in Depository Trust Company confirmations. Because Schwab is delivering this information electronically, the trading fiduciary must provide written consent. Schwab is fulfilling this consent requirement by asking firms to sign the Investment Advisor and Money Manager Subscription Form. You are required to complete this form only once for all existing and future accounts.

Does my firm need to subscribe to the Trade Confirmation Report if I plan to subscribe only my managed accounts?
No. If your firm does not have full investment discretion and/or intends to subscribe only managed accounts, your firm does not need to subscribe. Only the trading fiduciary on the account must subscribe.

What if my firm is both a money manager on the managed accounts platform and an advisor with Schwab Advisor Center?
If your firm is acting in this dual capacity, you would subscribe your firm once to cover all accounts over which your firm has investment discretion and sign the IMSA Addendum portion of the Investment Advisor and Money Manager Subscription Form.

Why is cost basis information printed on the trade confirmation report?
Legislation requires that Schwab identify the accounting method to the end client. If Schwab receives specified lot instructions after trade date and up to settlement, Schwab must notify the end client of the update via a separate letter.

How to set up clients with paperless documents
How to use DocuSign®
Introduction to paperless documents
Introduction to statement options
Introduction to the redesigned statement experience