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SCHWAB OPENVIEW WORKFLOW LIBRARY ™

FULFILL CLIENT SERVICE REQUESTS WORKFLOW SERIES: LIFE EVENTS PROCESS

Document ID: 012385 Document Date: June 12, 2012 Document Version: 1.0

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. The mention of products created by third-party firms is not, and should not be construed as a recommendation, endorsement or sponsorship by SIT. These firms are not affiliated with or an employee of SIT. You must decide to implement these products and their appropriateness for you or your firm. Laser App is available through Schwab Advisor Center, but is a product of Laser App Software® Inc., which is not affiliated with 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 its 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. 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 circumstance. © 2012 Schwab Intelligent Technologies. All rights reserved. (0512-2573)

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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 LIFE EVENTS WORKFLOW ____________________________________________________________ 2

THE FULFILL CLIENT SERVICE REQUESTS WORKFLOW SERIES ____________________________________________________ 2

LIFE EVENTS PROCESS OVERVIEW ______________________________________________________________________ 3

PROCESS DIAGRAM _________________________________________________________________________________ 3

HIGH-LEVEL PROCESS CHECKLIST _______________________________________________________________________ 8

ADDITIONAL RESOURCES ___________________________________________________________________________ 10

MANAGING LIFE EVENTS THROUGH EFFECTIVE COMMUNICATIONS _______________________________________________ 11

PROCESS FOR UPDATING ACCOUNTS DUE TO LIFE EVENTS _____________________________________________________ 12

TEMPLATES AND TOOLS FOR THE SAMPLE LIFE STAGE FOLLOW UP LETTER __________________________________________ 13

LASER APP® SOFTWARE _____________________________________________________________________________ 14

Life Events Process Workflow Package

Tips and Best Practices for Successful Implementation of Workflows Page 1 of 14

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 Life Events 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 process life events for those 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 Some workflows in the Schwab OpenView Workflow Library have relationships to or dependences on other workflows. For this reason, we recommend you download and implement the Planning Process Review Meeting workflow along with the Life Events workflow to realize the fullest benefit.

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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The Fulfill Client Service Requests Workflow Series Page 2 of 14

UNDERSTANDING THE LIFE EVENTS WORKFLOW

The first step to understanding a workflow is to understand where it resides in the overall business process. This section shows how the Life Events 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 Life Events process. Packages for other workflows in this series are addressed in separate documents on SchwabIntelligentTechnologies.com:

• Information Change

• Trade Request

• Move Money

• Charitable Grant Recommendation

• Close Account

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Process Diagram Page 3 of 14

LIFE EVENTS 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 bay be needed to suit the needs of your firm.

High Level Life Event Process




Receive and Review Life Event Request




Execute Life Event Request




Execute Life Event Request

Approve Life Event Request




Validate Life Event Request



High-Level Process Checklist Page 8 of 14

HIGH-LEVEL PROCESS CHECKLIST The Life Events 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 update a client’s account due to a life event and collect the details of the request

Advisor

Schedule a Client Review Meeting to review the current investment strategy, the changes to the client’s financial needs due to the life event and make changes to their investment strategy if necessary

Advisor

Determine the financial and legal urgency of the life event. If the life event is a death of a client or their spouse, immediately call the Schwab Advisor Services service team to de-link the account

Advisor

Document the client account update(s) and review the client’s current information for accuracy

Client Service Associate

Update all internal systems with the change to the client’s information Client Service Associate

Review the Schwab Advisor Center Service Guide to determine the forms required to process the request


Determine if the forms can be submitted via Laser App

• If the forms can be submitted via Laser App, fill in the forms using Laser App and make the correct elections and settings, and then send them to the Advisor for approval

• If the forms cannot be submitted via Laser App, fill in the PDF forms from Schwab Advisor Center, make the correct elections and settings, and then send them to the Advisor for approval


Approve forms or send back to Client Service Associate for corrections, if applicable

Advisor

For accounts that can be updated on line, Validate using Laser App; after final approval, validate and submit forms via Laser App


Print forms for all requests Client Service Associate

Present forms to the client for final reviews, corrections and signature Advisor/Client

Scan/Copy the forms and fax to Schwab Advisor Services Client Service Associate

Schwab Advisor Services reviews the forms and either approves them or sends them back for review

Schwab Advisor Services



High-Level Process Checklist Page 9 of 14

STEP ROLE

Review Alerts for information about the account. Once an alert has been received, review the account a for accuracy and determine if any additional changes are required


Send a personalized communication to the client about the life event Advisor

Document the resolution of the life event request Advisor


Additional Resources Page 10 of 14

ADDITIONAL RESOURCES

For guidance on fulfilling client service requests, visit the Schwab Advisor Center website. The News & Resources and the Marketing and Business Development sections contain a rich selection of tools, resources, and articles to help you keep operations running smoothly. Click on the News tab 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

Click on the Resources tab, then the Tools & Templates tab to find helpful resources, including:

• Talking points to help you feel comfortable discussing life stages and other tough issues facing Advisors

• Tips, best practices, checklists and worksheets to help you create effective marketing materials and creative briefs, pitch books, and other materials

• Communication tools to help you create websites, newsletters, thank you notes, and surveys

• Case Studies to help you better understand business-building techniques and decide the ones that work best for your firm.

Find all these resources along with many other tools and ideas in the Practice Management, News, and Support sections on the Schwab Advisor Center website. To find these resources, log in to the website and navigate to the Grow Relationships tab in the Marketing and Business Development section or select the Support drop-down menu and select Service Guide.

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

• Managing Life Events Through Effective Communications starting on page 11 – Learn more about ways to communicate with your clients when life events occur.

• Process For Updating Accounts Due To Life Events starting on page 12 – The online Service Guide describes Schwab Advisor Services policies and required documentation for maintaining accounts. Use these resources to help you learn more about updating accounts on Schwab Advisor Center.

• Templates and Tools for the Sample Life Stage Follow Up Letter starting on page 13 – Use this template to help draft a letter to congratulate or sympathize with a client following a life event.

• Laser App® Software starting on page 14 – Learn more about using the Laser App software to streamline the account maintenance process at Schwab Advisor Services





Managing Life Events Through Effective Communications Page 11 of 14

MANAGING LIFE EVENTS THROUGH EFFECTIVE COMMUNICATIONS In the section below, the supporting documentation referenced is located on the Schwab Advisor Center website.

Major life events that affect the financial needs of clients are common. Understanding the most effective ways to communicate with clients about these changes is the key to a successful relationship.

In the document Life Stages, Trigger Events and Advice for Special Circumstances understand the common life stages and trigger events, how to start becoming a resource to your clients for all financial events as well as resources to use when life events occur.


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Process for Updating Accounts Due to Life Events Page 12 of 14

PROCESS FOR UPDATING ACCOUNTS DUE TO LIFE EVENTS In the section below, the supporting documentation referenced is located on the Schwab Advisor Center website.

Occasionally, a client will request that you update accounts held by Schwab Advisor Services due to a life event. No matter what life stage a client is in, most will require account maintenance because of marriage, births, deaths, etc.

In the online Service Guide, navigate to the Account Changes page in the Maintaining Accounts section. Select the Other Changes to Existing Accounts link to learn about some of the life events that may require submitting forms to Schwab Advisor Services.


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Templates and Tools for the Sample Life Stage Follow Up Letter Page 13 of 14

TEMPLATES AND TOOLS FOR THE SAMPLE LIFE STAGE FOLLOW UP LETTER In the section below, the supporting documentation referenced is located on the Schwab Advisor Center website.

Use the Sample Client Life Stage Letter to develop templates for summary and thank you letters following a client request to perform account maintenance due to a life event.





Laser App® Software Page 14 of 14

LASER APP® SOFTWARE

Using Laser App desktop software, you can submit the forms necessary to make account changes due to life events. To find more information on Laser App and how it integrates with the Schwab Advisor Center website, log in to the website and navigate to the Account Servicing section on the Client Resources tab. You can also read the Streamlining Account Paperwork with Laser App® and New Schwab Tools document for more information.

In addition, 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 view the Using Laser App® to Streamline Account Paperwork webcast series to learn how to simplify the completion of forms and applications using the Laser App tool.





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