How to make general account changes

How to make general account changes

Changes to general account information may coincide with major life events or just an update in communication preferences.

You can use DocuSign® to submit the appropriate form for your client and make a general account change to an address, name, trust name, date of birth, or issuer communication preference.

To make general account changes, you will need the following:

All accounts
  • Your firm name and master account number
  • The account number(s) affected by the change
  • Name and address information of:
    • Account holder
    • Organization
    • Third-party representative
  • Adobe® Reader® or Adobe Acrobat® 7.0 or higher (download the latest version on the Adobe website)
In addition to the information above, the following information specific to the type of change may be required:
Address change

One of the following:

Name change
Date of birth

One of the following:

  • Birth certificate (certified copy or photocopy is acceptable if certification is clearly visible) and Letter of Authorization (LOA) signed by the client requesting that Schwab update their date of birth (DOB).  
  • If a birth certification is not available, an LOA is acceptable. The LOA must include:
    • The client's account number.
    • A copy of the client's current driver's license, passport, or state ID.
    • Instructions to update the client's DOB.
    • Client signature.
Name of trust change
  • A completed Account Application (Schwab One Trust Accounts)
  • Or a valid letter of authorization (LOA) or copies of the title page and signature pages of the trust
  • Include copies of the title page and signature pages of the trust 
Issuer communication change
  • A completed Issuer Communications and Release of Information Form
Form completion method
  • If using DocuSign to submit forms:
  • To add a Schwab Bank Investor Checking™ account to a brokerage account using DocuSign, follow the steps in How to use DocuSign.
  • Most Schwab forms are eligible for DocuSign. For a list of eligible forms, go to the Forms library.
  • For existing Schwab clients, a complete Schwab Advisor Center® profile with the account holder's current email address and mobile phone number is required.
  • For new-to-Schwab clients, the email address and a mobile phone number is required.
  • All clients must use either Alliance Authentication (only available when starting the envelope within Schwab Advisor Center), or, both text message (SMS) authentication and Knowledge Based Authentication (KBA) for DocuSign (available in both Schwab Advisor Center and the DocuSign Console).

To change an address:

  • Use the tool on Schwab Advisor Center. For details, see How to update addresses using the address change tool.
    Note: If the client has an ineligible account, use the Change of Address Form, available for download within the address change tool.
  • To change the account holder's mailing address so that Schwab statements and other communications go to a third party (this will appear as a care of on the account mailings), use Third Party Representative Address Authorization.
    1. Go to the forms library on Schwab Advisor Center > search for Third Party Representative Address Authorization > select the form from search results.
    2. Complete all necessary fields, print the form(s), and obtain the account holder's signature. Send the signed forms to your Schwab service team via a Schwab Advisor Center service request.
  • Submit an LOA from the account holder(s) to your Schwab service team.
  • The account holder can update their address verbally by calling Schwab Alliance at 800-515-2157 or online at schwaballiance.com.

To update a client's phone number:

  • The client can complete the Change of Address Form. Ensure the required sections are completed in their entirety.
  • Submit through Service Requests an LOA signed by the account holder(s) instructing Schwab to update their phone number.

The account holder can also update their phone number by: 

This process may be used to make a name change. Either submit an LOA along with the applicable additional documentation from the account holder to your Schwab service team or follow the steps below to submit the change using forms.

 

If submitting via DocuSign
  1. For details, see How to use DocuSign®.
  2. Use the Second Name Letter/Name Change form to complete the workflow.
If submitting via Service Request
  1. Go to the forms library on Schwab Advisor Center and select the Second Name Letter/Name Change Form. Click Select and then choose the appropriate option.
  2. Complete all necessary fields, print the form, obtain the account holder's signature, and obtain applicable additional documentation. The Second Name Letter/Name Change Form can be used in place of a new signature card Tooltip for Schwab One account holders requesting checks and/or a debit card with the new name.
  3. Send the signed forms to your Schwab service team via a Schwab Advisor Center service request.

 

To change the name of a trust that also includes a change to the tax identification number, you must open a new trust account. Refer to How to open a trust account for more information.

This process may be used to change the name of a trust when the tax identification number has not changed. Either submit an LOA from your client that includes signatures from each trustee to your Schwab service team, or follow the steps below to submit the change using forms.

 

If submitting via DocuSign
  1. For details, see How to use DocuSign®.
  2. Use the Account Application (Schwab One Trust Accounts) form to complete the workflow.
If submitting via Service Request
  1. Go to the forms library on Schwab Advisor Center and select the Account Application (Schwab One Trust Accounts) form. Click Select and then choose the appropriate option.
  2. Print the application if applicable and obtain signatures from each trustee.
  3. Obtain copies of only the title page and signature pages of the trust.
  4. Send the documents to your Schwab service team via a Schwab Advisor Center service request. Mail any notarized forms and documents to your Schwab service team.

 

This process may be used to make changes to issuer communication preferences.

 

If submitting via DocuSign
  1. For details, see How to use DocuSign®.
  2. Use Issuer Communications and Release of Information Form to complete the workflow.
If submitting via Service Request
  1. Go to the forms library on Schwab Advisor Center and select the Issuer Communications and Release of Information Form. Click Select and then choose the appropriate option.
  2.  Complete all necessary fields on the form. 
    • Complete Section 2 to update the account holder's preference on who should receive and act upon issuer communications and related actions Tooltip , including proxy ballots, corporate action information, and interim mailings.
    • Complete Section 3 to update the account holder's preference on the release of name, address, and security position information to the issuer.
  3. Print the form(s), and obtain the account holder's signature. Send the signed forms to your Schwab service team via a Schwab Advisor Center service request.

 

Once you have submitted your request:

  • If using DocuSign, see How to use DocuSign.
  • An alert will be created, notifying you of the name or address change.
  • A system-generated letter is sent to the account holder's previous address confirming the address change.
  • A system-generated letter is sent to the account holder, confirming the name change on the account.
  • If you have questions about making general account changes, call your Schwab service team.
Form: Account Application (Schwab One Trust Accounts)
Form: Change of Address Form
Form: Issuer Communications and Release of Information Form
Form: Second Name Letter/Name Change Form
Form: Third Party Representative Address Authorization

Can an investment advisor make minor address corrections without obtaining an LOA?
Yes, as long as the information is verified with the U.S. Postal Service website. Minor address corrections can be made when one the following criteria is met:

  • Street number off by one digit – acceptable to update only if confirmed by another account
  • Direction of street missing or incorrect (N, S, E, W)
  • Incorrect zip code or city
  • Misspelled street or city
  • Improper label for drive, street, boulevard, etc.
  • Incorrect use of suite or apartment
  • Incorrect suite or apartment number if confirmed by another account
  • Missing account identifiers

My client is updating their address. How will the new address information provided by the client effect their existing address information on their profile? 

The following table articulates what changes will be made to a client's profile based on the information already on file in comparison to the information received in the address change request, or on the Change of Address form.

Existing Profile
Home/Legal
New Form
Home/Legal
Existing Profile
Mailing Address
New Form
Mailing Address
Outcome
123 Main St789 West StBlankBlankUpdate Home/Legal to address listed on new form.
123 Main St123 Main StBlankBlankNo changes.
123 Main St123 Main St789 West St456 Smith RdNo change to Home/Legal. Update Mailing to address listed on new form.
123 Main St123 Main St789 West StBlankNo change to Home/Legal. Remove Mailing address.
123 Main St789 West St456 Smith Rd456 Smith RdUpdate Home/Legal to address listed on new form. No change to Mailing.
123 Main St123 Main StBlank789 West StNo change to Home/Legal. Add Mailing address as listed on new form. Update the accounts to send mail to the new Mailing address.
123 Main St123 Main St123 Main StBlankNo change to Home/Legal. Remove Mailing address. 
123 Main St789 West St123 Main StBlankUpdate Home/Legal address to address listed on new form. Remove Mailing address. 



What are the default settings for issuer communications if the client elections are left blank? 
If left blank, the applicable communications will be sent to the account holder and copies sent to the investment advisor. Proxy voting and reorg decisions will be made by the account holder. The "release of information to issuers" option will automatically be set to "no objection."

If there are multiple signers assigned to a form, in which order do the signers receive and eSign the form(s)?
The order in which the signers are notified of a document pending signature depends on the order in which you listed the signers on the envelope creation page. Signers will receive an email notification in sequential order after each signer has completed signing.

If my client makes changes to a form, will I be notified of the changes?
No. If you have elected to review the forms prior to submitting to Schwab, you will have an opportunity to review the forms. However, once all signers have completed their signing, you will not be able to edit any of the information.

How to add a power of attorney to an account

How to make changes to organization accounts

How to make role changes for personal and trust accounts

How to make trustee changes to company retirement accounts

How to update addresses using the address change tool

How to use DocuSign®