You are now able to sync your custodial data from Schwab Advisor Center to your Riskalyze account! Follow the steps below to activate your integration.
Setting up the Integration
➡️ Submitting the Data Access Agreement
- The first step towards integrating your client accounts is to request permission to have your data sent to Riskalyze. This can be accomplished by logging into Schwab Advisor Center and completing a new ‘Request for Data Access Agreement,’ which can be found under the Forms and Applications page.
- You will need to fill out all of the required fields with your firm’s information under the Advisor Details section.
- Under Service Provider Details Please include the following:
- Service Provider Firm Name: Riskalyze
- Name of Authorized Signer: Justin Mixon
- Email Address of Authorized Signer: [email protected]
- Once Schwab receives your submission, they will send a completed copy of the Data Access Agreement to your email via DocuSign in 1-3 business days. (Additional email addresses can also be included in these notifications as requested)
- Upon receipt of the signed Data Access Agreement, Schwab will complete the data set-up for the specified master account(s) and send an email confirmation to both you and Riskalyze.
Note: This process typically takes around 7 business days.
Choosing What to Sync
After your integration has been established, you can choose what information gets synced from the integrations page in Riskalyze. To access the integrations page, go to MENU -> Settings -> Integrations -> Charles Schwab.
You can enable or disable:
- Pull Holdings: Enables the syncing of client account holdings from Schwab into Riskalyze on a nightly basis. Each morning, you should see the client's up-to-date holdings in that client's active portfolio in Riskalyze.
Creating a Riskalyze Client Profile From a Schwab Client Account
From the Riskalyze dashboard, click the "Add New Client" button located to the right of your name and firm name. You'll now see a Charles Schwab box and an Enter Manually box. Make sure the Charles Schwab box is checked. Where it says "Enter Client Name" begin typing the name of a client, and Riskalyze will populate matching client names for you to choose from. Click on the client that you would like to sync and a profile will be created in Riskalyze.
Linking an Existing Riskalyze Client to a Schwab Client Account
If your Riskalyze and Schwab accounts are integrated, and you already have a client profile in Riskalyze, open the client profile and click on the Client Actions button in the top right and then "Integrations".
From here, you can control which Schwab client accounts are linked to this Riskalyze client profile. If you link multiple Schwab client accounts, Riskalyze will sync and combine all of the holdings into one active portfolio.
Why do I get a message that "this contact is already linked?"
There are a few reasons you might see this message: (a) the contact might be linked to another client profile in your account, or (b) the contact might be linked to a Riskalyze client profile in another advisor's account. If you use Riskalyze Data Sharing, you can share linked clients with other advisors within your Team. Otherwise, only one advisor will be able to have that contact linked to a Riskalyze client profile.
What if I have two Riskalyze client profiles and two Schwab Accounts, and I want them all together?
Choose which Riskalyze client profile you'd like to keep (preferably the profile with a client verified Risk Number). Delete the other one. Then, open the remaining client profile, click "Actions" in the top right and then "Integrations". Search the client as you would in the above section on "Linking an Existing Riskalyze Client". The holdings for both contacts will then resync into the active portfolio in Riskalyze.
How do I link a Riskalyze client with a Charles Schwab Trust Account?
Schwab shares account data with Riskalyze in two formats: using the client name, or using the client account number. To link Riskalyze clients to Schwab Trust Accounts follow the instructions above, and search for the last four digits of the account number instead of the client name. If you are creating a new record in Riskalyze based on the Schwab Trust Account, make sure to edit the Riskalyze client name field for easy location of that record in the future.