Please be sure you understand the details below, so Schwab sends us your account data correctly.
BillFin syncs data for Schwab master accounts and Schwab has both FA and SL master accounts. Client accounts can only exist in one FA master account at Schwab. However, SL master accounts allow subgroupings of client accounts for business purposes which can lead to client accounts existing in multiple SL master accounts as well as their own FA master account. We suggest requesting a data feed for either multiple FA master accounts or a single SL master account to avoid duplicating account data sent to BillFin.
If we receive account data from multiple master numbers, BillFin will duplicate the account's positions which will cause fees to double or triple.
Example: If you have master account numbers 1234567 and 7654321 and client account 123 is under both master 1234567 AND under master 7654321, BillFin will bring in the account as normal but will duplicate the positions for account 123 since they are received twice. This will will cause both the billable assets and account's fee to double.
Again, please double check to ensure accounts are not assigned to multiple master numbers before requesting a datafeed to BillFin
How To Establish the Data Feed:
To activate the data feed from Schwab to BillFin, please initiate the request by completing the "Request for Data Access Agreement" on Schwab Advisor Center (www.schwabadvisorcenter.com), found in the Forms Library page. Please follow these instructions:
- Login to your Schwab Advisor Center
- Click "Account Management"
- Under Other Resources, click "Go to Forms library"
- Using the "Search" bar, search for "Request for Data Access Agreement"
- Click "select" to the right of "Request for Data Access Agreement"
- Click "Submit Request"
A "Request for Data Access Agreement" pop out will appear
- Fill out all the Advisor Details section with your firm's details (name, email, and 8-digit applicable Master Account Number(s))
- Fill out the Service Provider Details section with the following details:
a. Service Provider Firm Name: Redi2 Technologies, Inc
c. Name of Authorized Signer: Ryan Ady
- Check the box "n/a" for Service Provider's Agent
- Click "Submit Request"