Charles Schwab recently announced updates to its account management processes, namely permitting digital checkbook requests, simplifying standing instructions, and allowing advisors to make tax withholding updates on a client’s behalf without requiring a signature. On the surface, these changes may seem foundational but make no mistake they can greatly improve your operational efficiency and your client’s user experience. Let’s dig into these updates a bit more to give you a better sense of why they are so significant.
No more wet signatures for check-writing privileges
Imagine you're in the middle of a busy day, juggling client onboarding and preparing for an important meeting. Suddenly, a request for check writing privileges lands on your desk, adding yet another “to do” to your packed schedule. In the past, this meant sending multiple digital documents and then requesting a separate PDF for a wet signature—a process that inevitably frustrated clients and created unnecessary administrative friction.
Now, with the elimination of standalone wet signature requirements, the entire client onboarding experience has been transformed. This update means no more asking clients to print, sign, and return separate documents in an era where digital convenience is expected. It is 2025 after all.
Aggregating all paperwork into a single, streamlined digital workflow goes beyond saving time; it respects your the valid expectations of your client of seamless, efficient financial interactions. The result? A smoother onboarding process that reduces administrative burden and eliminates the frustrating bottlenecks that have long plagued financial service interactions.
Single signer standing instructions for trusts
DIY tax withholding elections
Want to rejoice in this exciting development and learn ways we can help you maximize practice efficiency?
Schwab’s progressive updates are encouraging for the collective advisor community, and they are a jumping off point to continue finding more ways to maximize practice efficiency. That’s why financial advisors may consider the benefits of partnering with an experienced operational support team including:
Staying Current with Regulations: An operational partner experienced with Schwab processes, procedures, and rules ensures that advisors stay up-to-date and confident within a complex regulatory environment.
Streamlining Workflows: An ops partner can integrate new workflows and leverage technology to automate tasks, improving performance and efficiency.
Providing Client Support: Such administrative and operational support includes onboarding, account setup, and ongoing maintenance, as well as assisting clients with accessing their Schwab Alliance accounts and other client portals like RightCapital and Tamarac.
Ensuring Compliance: While an ops-based partnership cannot guarantee total compliance, it helps advisors navigate essential regulatory requirements and maintain basic compliance standards that many firms overlook.
These updates may seem overdue, but innovation and digital transformation are tricky bits in the highly regulated financial services space. They are a sign that the needs of RIAs are on notice and that the industry is keenly aware of the importance of offering a dynamic client experience. By embracing these changes and leveraging the expertise of an operational support team, financial advisors can enhance their efficiency, continually improve the client experience, and position themselves for continued success in the marketplace.
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