Statement Reporting Section

Introduction to statement options 

Introduction to statement options

To meet the needs of individual clients, Schwab offers two statement formats: compact* and customizable.

* Compact is the default statement format. To request the customizable statement format, complete the Statement Preferences Form and submit to Schwab via DocuSign®. For details, see How to use DocuSign.

The statement format provides advisors the flexibility to control the information printed on the statement.

Before deciding on the best option for your clients, compare the differences between the compact and customizable statement formats.

You can set your clients' statement format as compact or customizable at the FA master level, and all linked sub-accounts will receive the designated statement format. If you wish for one or more clients to receive a format other than that set at the current FA master setting, consider opening a new FA master and linking those accounts to it.

The statement format cannot be set on the following:

  • Firm level
  • SL master
  • BT master
  • Sub-account level

According to regulatory requirements Tooltip , Schwab account statements must be issued at quarter-end (March, June, September, and December) but may be produced more frequently.

See below for an explanation of conditions that will trigger monthly or quarterly statements to be generated:

  Monthly Quarter-end
Account contains qualifying activities or a negative cash balance at month-end Yes Yes
Account did not have qualifying activities during the month No, unless statement suppression is disabled Yes
Statement suppression Tooltip enabled
See example
No, unless there is a qualifying activity or a negative cash balance at month-end Yes
Statement suppression disabled Yes Yes

Statement suppression is enabled automatically, but can be disabled by completing section 3 of the Statement Preferences Form. The statement frequency setting can be elected at the master and/or the individual sub-account level. Any changes made to the frequency of a sub-account will affect only that account; however, changes made to the frequency of a master will affect all linked sub-accounts.

Suppression settings will be reapplied when an account is linked or moved to a new master based on the master's default suppression instructions.

Is there a fee for the customizable statement?
Schwab does not charge a fee for the customizable statement format.

The account received money market interest during the month. Why didn't my client receive a statement?
The only way to cause a monthly statement to be generated by non-qualifying activities is to turn off statement suppression for the account. Note that non-qualifying activity includes the receipt of money market income, Schwab One® interest, or interest on deposit accounts held through the Bank Sweep feature. These transactions are reported on the next statement generated.

Can the client get an annual statement?
Schwab does not offer annual account statements at this time.

How to use DocuSign®

See the following tools and resources to assist you with statement options:

If you have questions about cost basis reporting, statement preferences, and tax reporting, contact your service team or call  Advisor Services Client Reporting Services Tooltip at 877-762-6446.