How to enroll in and make adjustments to Personal Trust Reporting Services

How to enroll in and make adjustments to Personal Trust Reporting Services

Schwab Advisor Services™ offers Personal Trust Reporting Services (PTRS) for advisors with clients acting as individual trustees.

PTRS provides:

  • Trust accounting and back-office support
  • Principal and income accounting
  • Trust reporting

To take advantage of PTRS, first enroll your firm and your client's account. Once enrolled, you can adjust the services, including disbursements, trust reports, and  assets held elsewhere Tooltip . To adjust cost basis/tax lot information, contact your service team.

All requests to enroll in or make adjustments to PTRS require:

  • Firm name and master account
  • Client's Schwab trust account number(s) and registration(s)
  • Adobe® Reader® or Adobe Acrobat® 7.0 or higher (download the latest version on the Adobe website)

In addition to the information above, additional documents may be required as specified in the instructions below.

Before enrolling your client, first enroll your firm using the steps below.

  1. Complete the following documents:

    Application provided by sales team

    Personal Trust Reporting Services Addendum to Service Agreement

    • An individual listed on Schedule A of your Form ADV must sign this form.
    • If you are exempt from registration as an investment advisor, an executive officer of the firm must sign the form.
    Form if you will pay the Personal Trust Reporting Fees for trustSupplement to Personal Trust Reporting Services Addendum to Service Agreement
  2. Submit completed forms to your sales office in your region. Your sales team will contact you once enrollment is complete.

After your sales team has notified you that your firm is enrolled in PTRS, complete the steps below to enroll your client:

  1. Select the following forms, as needed, from the forms library on Schwab Advisor Center and complete the IA section:

    Enrollment formsPersonal Trust Reporting Services Enrollment form
    Form if the trust will pay the Personal Trust Reporting Services FeesPersonal Trust Reporting Services Fee Schedule

    For recurring disbursements:

    • For a new Schwab trust account, or
    • Maintain scheduled disbursements from a standing letter of authorization (SLOA) for an existing Schwab account
    Personal Trust Reporting Services Disbursement Instructions and Authorization form
  2. Print all applicable forms, and have your client complete the remaining sections. All trustees for the account must sign, print their name, and date the forms where indicated.
  3. If the disbursement is via ACH (MoneyLink), the other account holder must sign and date the disbursement form.
  4. The client must return all forms to your firm for verification all required fields are complete.
  5. Submit forms via a Schwab Advisor Center® service request.

Use the following instructions to update the disbursement beneficiary name, tax code, disbursement purpose, method, frequency, and amount.

  1. Complete IA information on the Personal Trust Reporting Services Disbursement Instructions and Authorization form for each disbursement Tooltip .
  2. Have your client complete all applicable fields.
    • If you have an SLOA Tooltip on the account, you can update the disbursement amount, tax code, principal and income ledger, and comments on behalf of the trustees.

      • Changes to the disbursement method and beneficiary name require signature, printed name and date on form for all trustees.
      1. The client must return all forms to your firm for verification all required fields are complete.
      2. Submit signed form(s) via a Schwab Advisor Center service request.

PTRS generates a monthly Trust report, which is available on Schwab Advisor Center. There are several trust reporting options.

To select a form, go to the forms library on Schwab Advisor Center.

Change report format to Consolidated Trust Report with multiple accounts

Personal Trust Reporting Services Trust Report Preferences form

  • This form only requires advisor signature.
Adjust report frequency or fiscal year-end

Personal Trust Reporting Services Trust Report Preferences form

  • This form only requires advisor signature.
Change to a Combined Brokerage Account Statement and Trust Report

Complete and sign the Personal Trust Reporting Services Statement Preferences and Cost Basis Enrollment form.

  • Complete section 2a to receive customizable statements. Skip if your firm is already enrolled.
  • This form only requires advisor signature.

To change a posting to income or principal, or change the tax code on the Trust History tab, submit a request to Schwab. You cannot change the transaction directly on the Trust History tab.

  1. Complete and sign the Personal Trust Reporting Services Trust Reporting Adjustment Request. This form only requires an advisor signature.
  2. Submit the signed form(s) via a Schwab Advisor Center service request.

Assets held elsewhere Tooltip report solely based on information the trustee or advisor provide to Schwab. The assets display as Trust Assets Held Outside Schwab on Schwab Advisor Center, on the Trust Report, and Combined Brokerage Account Statement and Trust Report.

  1. Complete the Personal Trust Reporting Services Enrollment form (including section 3c to adjust the units, price, or value of assets held outside Schwab) or the Personal Trust Reporting Services Trust Reporting Adjustment Request.
  2. Updates to assets held elsewhere only require an advisor signature.
  3. Submit the signed form via a Schwab Advisor Center service request.
  • The Trust team will convert the account in the trust accounting system after receiving the applicable forms.
  • Schwab will notify you if the conversion could not be completed, such as in the case of missing documents and/or signatures.
  • Your service team will notify you if recurring payments fail in the trust system.
  • Contact your service team if you have questions about the enrollment process.

To select a form, go to the forms library on Schwab Advisor Center.

Form: Personal Trust Reporting Services Disbursement Instructions and Authorization
Form: Personal Trust Reporting Services Enrollment
Form: Personal Trust Reporting Services Fee Schedule
Form: Personal Trust Reporting Services Statement Preferences and Cost Basis Enrollment
Form: Personal Trust Reporting Services Trust Reporting Adjustment Request
Form: Personal Trust Reporting Services Trust Report Preferences
Resource: Sample Combined Brokerage Trust Report
Resource: Sample Consolidated Trust Report
Resource: Sample Trust Report

Can transactions prior to conversion be reported for accounts enrolling within the year?
Historical transactions do not load to the Trust Accounting System.

  • Review previous transactions posting before the conversion to provide a starting income balance to be booked into the Trust Accounting System at the time of enrollment.
  • In order to fully utilize the tax worksheet in the Trust Accounting System, enroll the account in PTRS for a full fiscal year.
  • Regardless of enrollment in PTRS for a full fiscal year or not, the tax information provided by Schwab's broker dealer custodial platform in addition to the trust reports and tax worksheet available in the Trust Accounting System should be used to determine tax implications.

How will Schwab capture payment info if the trustee doesn't want to get involved in paying day-to-day expenses?
If the trustee does not want to get involved in paying the daily expenses, he or she will contact the advisor and request payment. The advisor will have the trustee complete and sign the Personal Trust Reporting Services Disbursement Instructions and Authorization form and provide this to the service team for processing. Code the transaction for accounting purposes. The advisor can also use Schwab's Move Money tool functionality after establishing the payment profile. Check requests from the Schwab Move Money tool and MoneyLink® have been augmented to include trust functionality (P&I designation and the ability to assign a tax code). Schwab encourages advisors to limit the use of checkwriting, Visa®, and bill pay transactions on these accounts as they will have to go back to the trustee to gather additional information for trust reporting purposes.

Who will monitor the transaction tax coding and how transactions allocate between principal and income?
Standard principal and income mapping is followed per the PTRS enrollment agreement's terms and conditions. Schwab's Personal Trust Reporting Services (PTRS) Trust Operations team will also be responsible for coding and monitoring transactions. They will monitor reports of transactions not coded correctly and will provide research to help code the transactions effectively. The advisor and the service team will then try to capture additional tax code data to code the transaction correctly.

How to customize Schwab reporting
How to establish a Schwab MoneyLink® profile
How to open a trust account
How to open a trust account on the managed account platform
Introduction to Administrative Trustee Services
Introduction to Personal Trust Reporting Services
Introduction to tax reporting