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SCHWAB OPENVIEW WORKFLOW LIBRARY FULFILL CLIENT SERVICE REQUESTS SERIES: MOVE MONEY PROCESS

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Page 1: SCHWAB OPENVIEW WORKFLOW LIBRARYcontent.schwab.com/web/as/sit/pdf/Move_Money_Process...For some, seeing the workflow as a diagram makes the process easier to understand. The diagram,

SCHWAB OPENVIEW WORKFLOW LIBRARY ™

FULFILL CLIENT SERVICE REQUESTS SERIES: MOVE MONEY PROCESS

Page 2: SCHWAB OPENVIEW WORKFLOW LIBRARYcontent.schwab.com/web/as/sit/pdf/Move_Money_Process...For some, seeing the workflow as a diagram makes the process easier to understand. The diagram,

Document ID: 012386 Document Date: June 12, 2012 Document Version: 12.06.A

Disclosures: The Schwab OpenView Workflow Library™ is a product of Schwab Intelligent Technologies™ (“SIT”) made available exclusively to advisors that custody client assets with Schwab Advisor Services™. Schwab Advisor Services includes the custody, trading and support services of Charles Schwab & Co., Inc. (“CS&Co”), a registered broker-dealer and member SIPC. SIT provides technology solutions to independent investment advisors, while CS&Co provides them and their clients with custody, trading and related support services. SIT and CS&Co are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent from each other. Schwab Advisor Center® is a website of Schwab Advisor Services™, which includes the custody, trading and support services of Charles Schwab & Co., Inc. (“CS&Co”), a registered broker-dealer and member SIPC. SIT and CS&Co are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent from each other. Independent investment advisors are not owned by, affiliated with or supervised by CS&Co. This document and the workflows and other information contained in it are provided for general information purposes only and are not tailored to the particular circumstances of your firm and it s practices and processes. You may need to tailor the workflows and related information to your circumstances. You, and not SIT or any of its affiliates, are solely responsible for your practices and processes. See the Schwab OpenView Workflow Library Terms of Use available on the SIT website for additional information. Individual names, account numbers and contact information listed in this document are fictional and not intended to reflect any existing individuals. Securities reflected in the presentation are for educational purposes only and are not, nor should they be construed as, recommendations to buy, sell, or continue to hold any investment nor do accounts listed reflect individual securities accounts or holdings. Any similarity to an existing individual or account is purely coincidental. Screen shots are provided for illustrative purposes only and may be abridged. For institutional use only. This material is meant for educational purposes only and is not meant to provide investment planning, legal, tax, regulatory, nor compliance advice. Consult professionals in these fields to address your specific circumstances. © 2012 Schwab Intelligent Technologies. All rights reserved. (0512-2921)

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TABLE OF CONTENTS

TIPS AND BEST PRACTICES FOR SUCCESSFUL IMPLEMENTATION OF WORKFLOWS ____________________________________ 1

REGARDING CUSTOMIZATION __________________________________________________________________________ 1

INTEGRATION WITH OTHER WORKFLOWS ___________________________________________________________________ 1

GETTING ADDITIONAL HELP ____________________________________________________________________________ 1

UNDERSTANDING THE MOVE MONEY WORKFLOW ___________________________________________________________ 2

THE FULFILL CLIENT SERVICE REQUESTS WORKFLOW SERIES ____________________________________________________ 2

MOVE MONEY PROCESS OVERVIEW _____________________________________________________________________ 3

PROCESS DIAGRAM _________________________________________________________________________________ 3

HIGH-LEVEL PROCESS CHECKLIST _______________________________________________________________________ 8

ADDITIONAL RESOURCES ___________________________________________________________________________ 10

SELF-PACED COURSES AND REFERENCE MATERIALS TO BETTER UNDERSTAND THE MOVE MONEY TOOL ____________________ 11

GUIDES AND TOOLS TO EXECUTE MOVE MONEY REQUESTS ONLINE _______________________________________________ 12

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Move Money Process Workflow Package

Tips and Best Practices for Successful Implementation of Workflows Page 1 of 12

TIPS AND BEST PRACTICES FOR SUCCESSFUL IMPLEMENTATION OF WORKFLOWS

Having a documented workflow can help you organize tasks used to support client-interaction so each event is repeated the same way and all clients and prospects receive a similar customer experience. This package provides a foundational understanding about the Move Money workflow so you can assess if the processes you are currently using can be more efficient and systematic.

While this document focuses on helping you maintain accounts custodied with Charles Schwab & Co., it also references services, tools, documents, and templates located on the Schwab Advisor Center™ website for advisors working with Schwab Advisor Services.

REGARDING CUSTOMIZATION Preparation is the key to success. Because each firm is unique, take the time to analyze your current processes, compare them to the processes and resources in this package, and plan any customizations before implementing these workflow steps. The purpose of this workflow package is to help you understand best practices upon which you can build.

INTEGRATION WITH OTHER WORKFLOWS The Move Money workflow is part of a series of workflows that provide best practices for fulfilling client services requests on Schwab Advisor Center. If you find this workflow helpful, we recommend you also download and implement the remaining workflows in the Fulfill Client Service Requests workflows series to help increase efficiency with your accounts custodied with Charles Schwab & Co.

GETTING ADDITIONAL HELP The information in this document supports the workflow itself, not how to enter the workflow details into any of your firm’s software or systems. For help entering this workflow into your firm’s software applications, contact the software provider(s).

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Move Money Process Workflow Package

The Fulfill Client Service Requests Workflow Series Page 2 of 12

UNDERSTANDING THE MOVE MONEY WORKFLOW

The first step to understanding a workflow is to understand where it resides in the overall business process. This section shows how the Move Money workflow is organized, how it relates to other processes in the workflow series, and provides a view of the process in both graphical and checklist formats.

THE FULFILL CLIENT SERVICE REQUESTS WORKFLOW SERIES Handling requests for routine services and inquiries can play a substantial role in building the relationships you have with your clients and keeping them happy with the services your firm provides.

The Fulfill Client Service Requests workflow processes will help you organize these and related tasks into easy-to-follow workflows that you can implement in your office, helping you streamline the process of performing client requests that could improve customer satisfaction.

The Fulfill Client Service Requests process consists of six main workflow components:

• Information Change – This process contains the activities and tasks you will need to update client information in all relevant systems.

• Life Events – This process contains the activities and tasks you will need to process the variety of life events reported by clients.

• Trade Requests – This process contains the activities and tasks you will need to complete a request to trade assets from one Schwab Advisor Center account to another.

• Move Money – This process contains the activities and tasks you will need to transfer funds in or out of a client account.

• Charitable Grant Recommendation – This process contains the activities and tasks you will need to process a client’s request to make a charitable contribution or grant.

• Close Account – This process contains the activities and tasks you will need to close a client’s account and update the account status in all relevant systems.

Important

This workflow package discusses only the Move Money process. Packages for other workflows in this series are addressed in separate documents on SchwabIntelligentTechnologies.com:

• Information Change

• Life Events

• Trade Request

• Charitable Grant Recommendation

• Close Account

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Move Money Process Workflow Package

Process Diagram Page 3 of 12

MOVE MONEY PROCESS OVERVIEW

PROCESS DIAGRAM For some, seeing the workflow as a diagram makes the process easier to understand. The diagram, or process map, provides a visual outline of the tasks organized by role and allows you to see the entire process end-to-end with interdependencies. This diagram serves as a best practice recommendation only. Adjustments may be needed to suit the needs of your firm.

High Level Move Money Process

Create the Move Money Request

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Move Money Process Workflow Package

MOVE MONEY PROCESS OVERVIEW

Process Diagram Page 4 of 12

Approve the Move Money Request

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Move Money Process Workflow Package

MOVE MONEY PROCESS OVERVIEW

Process Diagram Page 5 of 12

Execute the Move Money Request

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Move Money Process Workflow Package

MOVE MONEY PROCESS OVERVIEW

Process Diagram Page 6 of 12

Execute the Move Money Request

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Move Money Process Workflow Package

MOVE MONEY PROCESS OVERVIEW

Process Diagram Page 7 of 12

Validate the Move Money Request

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Move Money Process Workflow Package

MOVE MONEY PROCESS OVERVIEW

High-Level Process Checklist Page 8 of 12

HIGH-LEVEL PROCESS CHECKLIST The Move Money process checklist displays the workflow tasks in a checklist format rather than a process map or diagram. The checklist helps you focus on gathering all the information required to complete the workflow effectively. This checklist serves as a best practice recommendation only. Adjustments may be needed to suit the needs of your firm.

STEP ROLE

Receive the request to process a move money transaction within a client’s account

• Collect the details of the request

• Analyze the client’s portfolio to determine if the account holds sufficient cash

• Review the client’s investment strategy to determine if the move money request is in alignment

Advisor

Contact the client if the move money request causes the client’s portfolio to be out of alignment with their investment strategy or if the portfolio does not hold enough cash

• If the issue cannot be resolved, schedule a client meeting to review the current investment strategy and make changes if necessary

• If the issue can be resolved, move to the next step

Advisor

Approve the move money request Advisor

Document the move money request and any follow-up tasks Client Service Associate

Determine if there is a Standing Letter of Authorization (SLOA) on file for the client to perform the move money transaction by checking the Move Money tool on Schwab Advisor Center

• If an SLOA is on file, enter and submit the move money transaction on Schwab Advisor Center using the SLOA

• If an SLOA is not on file, enter and submit the move money transaction on Schwab Advisor Center without the SLOA

Client Service Associate

Schwab Advisor Services validates the SLOA on file for the client is current and valid

Schwab Advisor Services

If an SLOA is not on file and a Letter of Authorization (LOA) is generated after submitting the move money transaction:

• Print the LOA form from Schwab Advisor Center

• Provide the LOA form to the client for review and signature

• Scan/Copy the LOA form and fax to Schwab Advisor Services

Client Service Associate

Schwab Advisor Services reviews the move money transaction, validates the client signature on file with the LOA or SLOA forms, and either approves the forms and transactions or sends them back for corrections

Schwab Advisor Services

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Move Money Process Workflow Package

MOVE MONEY PROCESS OVERVIEW

High-Level Process Checklist Page 9 of 12

STEP ROLE

If there are issues with the move money transaction or the forms, Schwab Advisor Services contacts the advisory firm via telephone or through an alert on Schwab Advisor Center

Schwab Advisor Services

Review the alerts on Schwab Advisor Center for one of the following issues:

• If there is an issue with the signature on the LOA or SLOA form, reprint the LOA form, have the client review and sign it, and fax the new form to Schwab Advisor Services

• If there is an issue with insufficient funds in the client’s account, review the account and reallocate assets to cover the move money transaction

Client Service Associate

Review the status of the move money transaction on Schwab Advisor Center Client Service Associate

Once the status of the move money transaction shows as complete, review the client’s account for accuracy

Client Service Associate

Notify the client that the request was completed Client Service Associate

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Move Money Process Workflow Package

Additional Resources Page 10 of 12

ADDITIONAL RESOURCES

For guidance on fulfilling client service requests, visit the Schwab Advisor Center website. The News & Resources section contains a rich selection of tools, resources, and articles to help you keep operations running smoothly. Click on the News & Resources link to find helpful resources, including:

• A service guide to help you identify the correct forms required to service a client’s account

• Tools, talking points and additional resources to help you streamline the account servicing process

• Guides to help you better understand how to use the various tools and products available to help you service your clients more efficiently

Find all these resources along with many other tools and ideas in the Client Resources and Support sections on the Schwab Advisor Center website. To find these resources, log in to the website and navigate to the Client Resource tab in the News & Resources section or by selecting the Support drop-down menu and selecting Schwab Advisor University.

In this packet, a few tools and templates are highlighted that you might find helpful for the workflow documented in this packet, including:

• Self-Paced Courses and Reference Materials to Better Understand the Move Money Tool starting on page 11 – The online training content will help you learn the best way to use Schwab Advisor Center tools from the people who developed them. Use these courses to help you learn or improve how to make trades online.

• Guides and Tools to Execute Move Money Requests Online starting on page 12 – The Move Money tool on Schwab Advisor Center may help you streamline your current process and manage move money requests more quickly, easily, and intuitively. Use these resources to learn more about using the Move Money tool.

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Move Money Process Workflow Package

ADDITIONAL RESOURCES

Self-Paced Courses and Reference Materials to Better Understand the Move Money Tool Page 11 of 12

SELF-PACED COURSES AND REFERENCE MATERIALS TO BETTER UNDERSTAND THE MOVE MONEY TOOL In the section below, the supporting resources referenced are located on Schwab Advisor University from the Schwab Advisor Center website.

Schwab Advisor University contains a rich selection of self-paced courses and reference materials to help you get the most from Schwab Advisor Center tools and enhance your productivity. Take the time to understand the fine points of the Move Money tool.

• Introduction to Move Money – Use this training course to help you monitor and manage your clients’ Move Money requests.

• Request and Edit MoneyLinks Online – Use this training course to help you understand how to request and edit MoneyLinks, or Schwab Advisor Center’s electronic fund transfers or ACHs, online.

• Request Cash Journals Online – Use this training course to help you understand how to enter and process clients’ journal requests online.

• Request Checks Online – Use this training course to help you understand how to enter and process clients’ checks online.

• Request Wires Online – Use this training course to help you understand how to enter and manage your clients’ wire requests online.

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Move Money Process Workflow Package

ADDITIONAL RESOURCES

Guides and Tools to Execute Move Money Requests Online Page 12 of 12

GUIDES AND TOOLS TO EXECUTE MOVE MONEY REQUESTS ONLINE In the section below, the supporting documentation referenced is located on the Schwab Advisor Center website.

The Schwab Advisor Center Move Money tool allows you to perform a wide range of move money requests online. Use the tools on Schwab Advisor Center to help you better understand how to use the Move Money tool. Among the many helpful guides you’ll find are:

• The Move Money Guide – use this guide to help you perform move money requests online and monitor the status.

• The Move Money Guide for Wire Requests – use this guide to help you process wire transfers for various types of wires.

• Move Money Activity Report Guide – use this guide to help you understand the Move Money Activity Report features and functionality.

• Move Money Guide for Journal Positions – use this guide to help you journal positions between Schwab Accounts using the Move Money tool.