Managed Account Platform Section

Introduction to the managed accounts communications library

Introduction to the managed accounts communications library

Throughout the year, Schwab sends regulatory and general communications to you and your clients who are enrolled in the Managed Account Select® ( Select Tooltip ) and Managed Account Access® ( Access Tooltip ) programs. Schwab does not directly send communications to Managed Account Marketplace® ( Marketplace Tooltip ) clients and instead relies on you and the money manager to communicate all changes with your clients; clients in Marketplace will receive operational notices.

Communications sent by Schwab may include monthly statements, investment strategy updates, and reminders. Communications may be sent to you, your clients, or both, depending on the notification type.

Notification types-Organizes communications into three categories:

  • Regulatory and general notifications
  • Annual communications
  • Operational notices

Detailed grid-Provides important information about the communication, such as:

  • Notification's name and reason
  • Mailing time frames (approximate and subject to change)
  • Actions needed by you or your client (if applicable)

Informational samples-Includes samples of alerts, emails, and letters

  • Communications pertain to  Select Tooltip and  Access Tooltip accounts only.
  • Samples are informational. Actual communications are subject to change and may vary from the attached sample.
  • Communications you may be required to send your clients are not included (e.g., annual contact communications to comply with Rule 3a-4 of the Investment Company Act of 1940).

Regulatory and general notifications explain changes to investment strategies and money managers, or updates to the  Select Tooltip and  Access Tooltip programs.

NotificationReasonIncludesAction neededSamples and dates
Select strategy removal-No option to retain in AccessThe Schwab Center for Financial Research (SCFR) is removing a strategy from Select, and it will not be available in Access.
  • Date of removal
  • Notification that you or your client must take action
  • Link to SCFR memo on the removal
Select a new strategy or manager before the removal date, or the account will be unmanaged Tooltip .
  • Advisor alert 1: 80–90 days prior to removal
  • Client letter 1: 50–60 days prior to removal
  • Advisor alert 2: 20–30 days prior to removal
  • Client letter 2: On the removal date-confirms accounts are unmanaged
Select strategy removal-Option to retain in AccessSCFR is removing a strategy from Select, and the strategy will be available in Access.
  • Date of transition to Access
  • Notification that research from SCFR will no longer be available
  • Link to SCFR memo on the removal
No action needed, unless clients do not want to remain in the strategy.
  • Advisor alert: 80–90 days prior to transition date
  • No client communications
Strategy moving from Access to SelectSchwab is moving a strategy from the Access program into the Select program.
  • Date of transition to Select
  • Notification that SCFR research will be provided once the strategy is in Select
No action needed, unless clients do not want to remain in the strategy.
  • Advisor alert: 15–30 days prior to transition date
  • No client communications
Managed account strategy withdrawalThe money manager is withdrawing the listed strategy from either Select or Access.
  • Money manager name
  • Strategy name
  • Withdrawal date
  • Notification to take action
Select a new strategy or manager before the withdrawal date, or the account will be unmanaged Tooltip .
Select strategy placed on watch listSCFR flagged a significant change that could negatively impact a specific Select strategy.
  • Money manager name
  • Strategy name
  • Link to SCFR memo on the reason for placing on watch list Tooltip
  • Notification to take action (if applicable)
Select a new strategy, if applicable.
  • Advisor alert: When a Select strategy is put on the watch list
  • No client communications
Select strategy taken off the watch listSCFR has removed Select strategy from watch list.
  • Money manager name
  • Strategy name
  • Link to SCFR memo on the reason for removing from watch list Tooltip
No action needed
  • Advisor alert: When a Select strategy is removed from the watch list
  • No client communications

Schwab sends communications, including disclosures and reminders, to you and your clients annually.

Note: A complete list of disclosures or regulatory mailings may not be included.

NotificationReasonIncludesAction neededSamples and dates
Annual Schwab Managed Account Services™ Disclosure Package offerSchwab offers clients the updated Disclosure Package annually.
  • Advisor Alert: Method and date of client notification
  • Location of the updated Disclosure Package
  • Package: Updated disclosures
Provide a copy of the updated package if requested by the client.
Select and Access annual contact reminderReminder-Annual client contact required for advisors
  • Rule 3a-4 requirements
  • Annual contact requirement Tooltip
  • Notification to take action
  • Comply with Rule 3a-4.
  • Comply with the annual contact requirement Tooltip .
Tax harvesting communicationReminder-Year-end tax harvesting deadlines 
  • A link to learn more about upcoming tax harvesting deadlines and money manager deadlines
  • Notification to take action
  • Check year-end tax harvesting deadlines.
  • Speak to clients about tax harvesting.
  • Advisor email in Q4 bundled with the Annual Contact Reminder email 

Operational notices are regular communications regarding account maintenance or specific actions in an account.

NotificationReasonIncludesAction neededSamples and dates
Monthly statementRegulatory requirement
  • Platform name
  • Money manager name
  • Strategy name
No action neededMonthly statement
Trade confirmationsRegulatory requirementConfirmation of completed tradesNo action neededTrade Confirmation Report:* After every trade or on a quarterly basis
Strategy confirmation letterNotice to clients-New investment strategy or money manager has been established. 
  • Money manager name
  • Investment strategy name
Assist clients with questions or concerns if the information in the letter is incorrect.Client letter: After strategy is added
Schwab Managed Account Services™ Disclosure Package correctionNotice to clients-Application contained outdated money manager disclosure documents or disclosure package for clients of investment advisors.Updated disclosuresAssist clients with questions or concerns.Client letter: When paperwork is missing acknowledgment of client receipt or when paperwork references an older version of the disclosure package

*Format varies based on the client's preferences. Accounts with limited or no activity no longer receive statements unless requested.

How to update managed account authorizations, restrictions, and reports
How to customize Schwab reporting
Introduction to alerts
Introduction to managed accounts