Wealth.com offers an integration with Charles Schwab, a leading custodian and platform for RIAs and independent advisors. Our Charles Schwab integration allows advisors to build plans with the most up-to-date custodial data, eliminating manual entry and reducing errors.
In this article, we’ll show you how you can leverage the Charles Schwab integration for improved visibility into your estate planning activity, what data gets pulled, and how to set up your integration.
How You Can Use This Integration
Our Charles Schwab integration is designed to save advisors time when importing client data into Wealth.com. Instead of manually entering each client’s assets, you can import them directly from your Charles Schwab account for a seamless experience. Advisors can access a current view of client assets, allowing them to focus on providing personalized estate planning advice and meet their clients’ long-term goals.
What Data is Included in This Integration
Data syncs on a nightly basis. Charles Schwab pulls the below account data into Wealth.com:
Asset Name (Account Name)
Asset Type (Account Type)
Asset Balance (Current Value)
Last Updated (Edited Date)
How to Set Up Your Charles Schwab Integration
Log into your Wealth.com account
Select your initials in the top right corner
From there, select Integrations
Scroll down to Charles Schwab and you’ll see a Not Connected status, click that button to prompt the connection
To establish the connection, you will need to authorize wealth.com to access your client’s financial information stored in Schwab by submitting a Data Rights Request Form.
Log into your Schwab account and go to Account Management.
Select Forms Library.
Search “Request for Data”
In the third-party data recipient section: Select Wealth.com from the drop-down. The bottom two fields will automatically add Wealth, Inc and info@wealth.com for recipient signer and email respectively
Submit the form (Note: it may take 3-5 business days for Charles Schwab to process the request)
To import a client’s assets into the Ownership Balance Sheet using this integration, follow these steps:
Log into your Wealth.com account
Navigate to the client's profile
Navigate to their Balance Sheet under the client's profile from the left-side navigation
At the top of the screen, select Create
Under Select to automatically pull assets from the following: Click Connect with Charles Schwab (Note: this option will only be visible if you followed the above steps to connect this integration)
Search for this client in Charles Schwab by entering their name
After you’ve found the correct client, click Add Client
Select the client’s name to expand their list of assets, and select which ones you’d like to import using the checkbox function
When you’re done selecting assets to import, select Import Selected Assets at the bottom
The imported assets will now appear in the client’s Assets panel.
Maintaining Control Over Synced Data
The data sync from Charles Schwab to Wealth.com will occur on a nightly basis to ensure the data in Wealth.com is kept up-to-date.
If a synced record is created in Charles Schwab, a corresponding record will be created in Wealth.
If a synced record is updated in Charles Schwab, the corresponding record will be updated in Wealth.
If a synced record is deleted in Charles Schwab, a message will be displayed on the corresponding Wealth record indicating that the source record has been deleted and that it is safe to delete in Wealth.
If a field on a synced record in Wealth has been manually edited by an advisor, that edit will be preserved. The nightly sync will not overwrite the manual change unless the corresponding field in Charles Schwab has also changed since the last successful sync.
Advisors can unlink an asset from the Charles Schwab sync if they wish to manage it manually within Wealth.com. They will also have the ability to relink it.
How to Disconnect This Integration
Log into your Wealth.com account
Select your initials in the top right corner
From there, select Integrations
Scroll down to Charles Schwab and you’ll see a Connected status, click that button to disconnect
Confirm this action when a pop-up window appears asking you to authorize