Redi2 Technologies, Inc.
            Knowledge Base Redi2 Technologies, Inc. General

            Instructions for Schwab

            Schwab

            The Billing Process in BillFin Using the Schwab Connection:

            1.     Go the Fees page

            Make sure you are looking at the correct billing period

            Click Sync Asset Values

            Click the Schwab button in the slideout window

            Preview what BillFin finds

            -If necessary, check the box to "Overwrite these with new values" (next to the changed values - needed only if you already synced asset values during the period)

            Click Apply Billable Assets

            Review the Fees and check all flags to resolve any alerts

             

            2.     Go to the Invoices page

            Click Export PDF

            Click the link that appears under the buttons to download the zip file (it will contain a PDF invoice for all clients with fees)

            -Save this file to keep a static record of your billing

             

            3.     Go to the Payments page

            Click Export Schwab file

            Click the link that appears under the buttons to download the CSV file

            -Take that payment file to Schwab to get paid.

             

            Master Account Information:

            Please fill out the attached third party letters and fax them directly to Schwab.  Please be sure you understand the details below so Schwab sends us your account data correctly.

            BillFin syncs Schwab data for master accounts.  If you have multiple account numbers, BillFin needs to be sure client account are provided to us only through one master account from Schwab.  If you have master account numbers 1234567 and 7654321 and client account 123 is under master 1234567 and under master 7654321, BillFin will not be able to bill account 123.

            Account 123 can only be brought into BillFin by one master account.  Schwab has FA and SL master accounts.  Client accounts can only exist in one FA master account at Schwab so we accept all FA master accounts' data.  SL master accounts are subgroupings of client accounts for business purposes and client accounts can exist in multiple SL master accounts.  We suggest creating a BillFin SL master account and using just that one SL master to bring in desired accounts to BillFin if you don't want all accounts in your FA master accounts brought into BillFin.  

             

            To Change the Schwab Payment File:

            Go to the Payments page

            Click on Customize Schwab Export in the top right (under your name)

            In the preview box you can indicate which information to include and change the order of the columns using the arrows next to the column headers.

             

            Schwab Payment File Requirements:

            Schwab requires the following 2 columns in the order given below.  Headers are not needed and the file should have no special characters (like “$”).

            -Payment Account Number

            -Fee Amount

             

            Schwab Payment File Upload (to get paid):

            Login to Schwab Advisor Center

            Click on the "More" tab (dropdown menu)

            Click on Management Fees (second option in dropdown menu)

            You can upload or manually enter fees to your chosen Master Account

             

            Getting Schwab Data Files

            BillFin only has Schwab data from the date that Schwab processed your Third Party Letters requesting they share your data with BillFin.  Since Schwab does not send historical account data, if account data such as valuations and transactions are needed for preceding dates, follow the instructions below to provide the needed data to us and we can process it so it will be available in BillFin.  Your Schwab representative can possibly help you get these files another way.  Feel free to reach out to them if you are not familiar with the Schwab Data Delivery application.

            Open Schwab Data Delivery

            Select [Download specific files]

            Follow prompts to download the file types below for the dates you need

            - Clients and Accounts = .ACC found in “Account Information File” types

            - Positions = .RPS found in “Reconciliation Files” types

            - Transactions = .TRN found in “Transaction Files” (4 types of TRN files > choose file names with CRS in following naming convention [“acct# .CRS date .TRN])

            - Securities = .SEC found in “Security Information File” type

            It's very important each master account's files stay together. DO NOT combine daily files for different master accounts.  It's probably best to create a folder for each master account and downloaded the files into the correct folders.

            Reply to this email with the files (separated by master accounts if you have more than one master account)

            Schwab Exclusions

            Setup Asset Classes page as follows:

            Asset Classes = ProdCatg Code on RPS file

            Securities = CUSIP on RPS file

            -Securities in "View Asset Values" show ticker symbols (like TD) but CUSIP is required for exclusion to work correctly (unlike TD)


            Updated: 18 Dec 2019 05:34 AM
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