Schwab’s new custom-built Personal Trust Reporting Service enables advisers to offer a fully integrated trust accounting and trading platform for their clients who act as trustees, providing:
- Principal and income reporting and trust accounting;
- Separate, periodic trust reports;
- Tax lot accounting;
- Scheduled payment to beneficiaries (calculated and fixed);
- Recordkeeping for personal tangible property owned by the trust, not held by Schwab Institutional; and
- Tax worksheet creation and optional tax preparation.
“By providing individual trustees with complex accounting, recordkeeping, and reporting for trust accounts, we are helping advisers win and retain assets even as they are transferred from generation to generation,” said Cathy Clauson, vice president of Schwab Institutional, in a company announcement.
For advisers who wish to work with Schwab as a corporate or directed trustee, the new Administrative Trustee Service enables them to focus on investment management while Schwab Bank handles the administrative fiduciary duties of the trust. The fully integrated trust accounting and trading platform offers:
- Favorable trust status;
- Principal and income distributions;
- Accounting and recordkeeping; and
- Preparation and filing of federal and state taxes and distribution of K-1s to beneficiaries.
Charles Schwab Bank Personal Trust will be a division of Charles Schwab Bank and is pending regulatory approval, the announcement said.
More about Schwab Institutional is at www.schwabinstitutional.com.