How to Nickname Accounts within SchwabAlliance

nicknamesHaving a hard time deciphering which account is which within SchwabAlliance? Well, our blog today is directed toward helping you conquer just that!

As you most likely already now, as a DWM client, you have a few ways to access your information:

DWM/MoneyGuidePro Financial Planner

DWM/Orion Portfolio Manager

SchwabAlliance

(For more info on DWM-Connected Sites please click here to read our short blog: DWM Websites-101)

SchwabAlliance is a third-party site that, unlike the top two sites listed above, DWM cannot control. This is intended for compliance purposes. Since we cannot control that site, we cannot “nickname” an account for you there like we do within our DWM/Orion reporting system.
But by following this easy-to-use guide created by newest DWM teammate, Nick “Nick-Name” Schiavi, you can have those accounts nicknamed in a matter of minutes.

 

     Here is a link to the guide: Nicknaming and Grouping Schwab Alliance Accounts

Of course, you can always call the friendly folks at SchwabAlliance (800.515.2157) if you’re still having trouble with that site. For any help on the other DWM sites, please don’t hesitate to call us.

Happy surfing!

Schwab Fraud Prevention: A Must-Read for DWM Clients!

Schwab app logoThis month I attended the annual Schwab Solutions event in Chicago. It is an excellent opportunity for DWM to make sure we are up to date on all the recent enhancements to Schwab’s technology offerings, which we offer to our clients. The focus was on cybersecurity and fraud prevention: Cybercrime is now more profitable than the illegal drug trade. That’s scary. In addition, “Financial services firms are hit by security incidents a staggering 300 times more frequently than businesses in other industries, with attack patterns changing frequently to outwit IT pros, according to Websense.” Phil Muncaster, Info Security Magazine. One great way to help prevent fraudulent wires or identity theft is to take advantage of electronic signatures and approvals through the Schwab Alliance website and the Schwab Mobile app on your smartphone. No pen needed! They also have some other really handy features too, like remote deposit (great for those April 14th IRA contributions!). It’s quick, easy, and, most important, secure. Schwab even has a guide that will walk you through setting up both.

On the Schwab Alliance website, you can view real-time information, nickname your accounts, retrieve 1099s, enroll in paperless delivery, approve wires, electronically sign applications, and more. You can even update your contact information (no need to sign a change of address form!)

Schwab also offers a very useful app. As with the website, you can see your Schwab accounts, approve wires, and electronically sign applications. And you can remotely deposit checks. It’s available for iPhone/iPadAndroid, & Kindle.

Schwab screen shot account list             Schwab screen shot check deposit             Schwab screen shot market overview

The electronic approval tools are a key feature of the website and app. It enables you to access forms and wire requests securely by logging directly into Schwab with your credentials, thus helping prevent fraud. Besides coming to sign in person, this is the most secure method. Email was not designed with security in mind, and accounts can be easily hacked. You may not realize what kinds of data a thief could mine from your sent and filed emails. It could be enough for them to commit wire fraud or steal your identity. For this reason, it’s best to avoid using email for anything that contains sensitive information.

So what’s the next step? Follow the guide to set up your Schwab Alliance credentials and app on your phone. Make sure your cell phone number and email address are up to date (which can be done through Schwab Alliance). That’s it! The next time we need you to sign a Schwab form or approve a wire, you will receive an email with a link to the Schwab Alliance login page. You will also receive an alert on your phone screen prompting you to log in to the Schwab Mobile app to approve/sign digitally. It will walk you through the signing or wire process; just click a few buttons and you’re done! We can even include DWM forms in the same ‘envelope’.

We are confident the Schwab Alliance website and mobile app will save you time and give you peace of mind.

 

For more on preventing identity theft and fraud, see my blogs on two-step verification and identity theft.

Continuing Education: My Time at Schwab Impact

BernankeLearning is so very important. Just because one has undergone extensive training through classroom work, hands-on experience, or has obtained a prestigious designation like the Certified Financial Planner practitioner or the Chartered Financial Analyst charterholder, doesn’t mean the education stops there. At DWM, we actively participate in ongoing education to keep us up-to-date with the latest and greatest in an industry that is constantly evolving and changing by the second.

In this blog, I’ll provide a little insight about what I think is the “mack daddy” educational event in our industry: Schwab’s annual IMPACT convention, held this year in beautiful Denver, Colorado. For a Registered Investment Advisor Representative like me, I think it’s the best convention available in terms of blending thought-provoking speakers, networking opportunities, and collaborative learning that can be customized to an advisor’s personal taste.

For example, the educational sessions that I chose included ones such as health care reform, social marketing, and investor behavior. I also attended many investment-oriented sessions including, but not limited to, emerging markets, liquid alternatives, fixed income, and smart beta. It was also great fun to hear different ideas and research some of the newest products from over 300 exhibitors in the 500,000+ square foot Exhibit Hall. One can also see CNBC broadcasting within the Hall, where, as they say, “the heartbeat of the industry beats”, represented by the networking of around 2000 of the country’s finest advisors (including yours truly).

There are always a number of good speakers at this event. Charles Best, who leads DonorsChoose.org, a nonprofit organization that provides a simple way to address education inequity, spoke of how the same technology behind “crowdfunding” can help students in schools with needs. Dr. Dambisa Moyo, economist and author, gave us macroeconomic views on global affairs and where this world may be heading if we don’t take action now. But the most thrilling presenters were this year’s keynotes: Dr. Ben Bernanke, our former Fed Chairman and President George W. Bush. Bernanke talked about the crazy times during the Great Recession and how he and his team led us out of the turmoil and brought this country back on its feet. George W. talked about his new passion and talent for painting and how anyone can reinvent themselves however old or young they are. He also had everyone rolling when he told us the story about how Putin made it a point to show him how Putin’s dog was bigger, stronger, and better than Bush’s dog, Barney.

These events are great in that we get to hear past and future leaders and gather our own ideas which ultimately make us better leaders. We leave an event like this with new ideas, strategies, and knowledge to propel us individually forward, our firms forward, and our clients forward.

Brett at BroncosMy four day agenda was jam-packed. The days were long amongst all the sessions and networking, but there were still a little time for fun which for me included a stop at fabulous Mile High Stadium and culminated with the final night event featuring the band Train (“Hey Soul Sister”).

In an effort to continue to learn and gain knowledge, Les and I attend many educational events and workshops like this throughout the year. They equip us to be stronger advocates for our clients and for our industry. Never stop learning. Knowledge is power!

Safeguard Your Assets Against Cyber Attacks

cyber attackThe cyber attack this summer on JPMorgan Chase compromised the accounts of 83 million households and 7 million small businesses. Last year, the information of 40 million cardholders and 70 million others was breached at Target. In September, hackers got 56 million names, addresses and phone numbers at Home Depot. Fortunately, it has been reported that the various hackers did not get detailed information such as account numbers, passwords, social security numbers and dates of birth. Even so, cyber attacks are on the rise.

The financial industry is working on prevention- JPMorgan, e.g. plans to spend $250 million per year on security. Congress is discussing legislation. Regardless, individuals need to take primary responsibility for the safety of their identity and assets.

Therefore, we thought we would recap some of our earlier comments regarding prevention of identity theft. In addition, we’ll update you on the safety of your accounts at Schwab and your 401(k) plans.

Here’s what you should do re digital security:

  • Choose tough to decipher passwords
  • Use anti-malware/spyware and anti-virus programs
  • Don’t respond to “phishing scam” e-mails
  • Shop online only on secure sites
  • Don’t use the same password for multiple sites

Here’s what to do at home:

  • Shred everything with sensitive information
  • Protect snail mail
  • Don’t fall for telephone scams
  • Use a bolted-down safe for important documents

When out and about:

  • Limit the amount of information you provide at store checkout registers
  • Avoid “shoulder surfers”
  • Watch what you carry
  • Carry your wallet in your front pocket, if possible

Other:

  • Change your credit card to include a PIN
  • Monitor your credit card and bank activity at least every few days
  • Order a free credit report
  • Put a security freeze on your credit files to prevent new accounts

At the same time, we’re pleased to report that assets held at Charles Schwab & Co. or company 401(k) plans should be secure. Here’s Schwab’s guarantee: “Schwab will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity.”

Schwab monitors every disbursement from each account. Anytime a transfer request comes through to send money to a third party, Schwab will first contact the investment adviser, such as DWM, to make sure we have talked with the client and that this disbursement is authorized. In addition, in many cases, Schwab will also contact the account holder directly. We’ve seen phone calls on transfers of as little as $600. We and Schwab recognize that it’s a bit of a pain to have to answer a call about a transfer for which you have already signed, but in this day and age of hackers, it’s a necessary and valuable procedure.

A few caveats about the guarantee. First, account holders need to safeguard their account access information including login ID, password and security questions. If they share it with anyone, Schwab will not cover the loss. This information is not shared by Schwab with us, Orion, or any other party. Second, if you suspect you have been a victim to activity you didn’t authorize within your Schwab account, Schwab needs to be notified immediately.

Unauthorized activity in a 401(k) or similar account would be very difficult to accomplish. First, there are only certain times that a participant could request funds from the account. They could do it to borrow money from their account, when they terminate employment, or when they have an in-service withdrawal. All of the requests are typically done through the human resources department of the employer and require signed documentation. In addition, we have only seen transfers from 401(k) plans either go directly by wire, trustee to trustee, to the same registration at a new custodian or, in the case of a check, mailed to the participant’s home address and made payable to the participant and the new custodian.

In addition, we have been asked about the cloud services DWM uses based on the breach of the Apple iCloud. We are pleased to report that Orion and MoneyGuidePro never request, nor receive, any client account access information.

DWM and Schwab are committed to safeguarding your assets and the privacy of your information. We want you to have the highest level of confidence when you do business with us. We will continually review our privacy policy and update it as necessary to protect you. If you have any questions about these very important matters, please let us know.

Fast Money: Financial Apps to Make Your Life Easier

look up sqNowadays, wherever you go, it seems half the people around you are looking down at their phones. (That is, if you take the time to look up and notice this phenomenon). In fact, over 90% of the US adult population owns a smart phone. But you can make good use of your screen time because one of the best ways to stay current on your investments is through mobile apps. We would like to spotlight two important (and free) ones today.

App logoDWM: We recently blogged about our Client Portal overhaul. Did you know you can see the same information through our mobile app? You can see all your accounts in one place, check balances and positions, see performance, run reports, view statements, and contact us. It’s available for iPhone/iPad & Android.

(Click on any image to see a full size version)

DWM screen shot valuesDWM screen shot performanceDWM screen shot reports


Schwab app logo

Schwab: In addition to Schwab Alliance, Schwab offers a very useful app. You can see your Schwab accounts, approve wires, electronically sign applications, deposit checks, pay bills, find a branch, and more. Even more exciting capabilities are coming soon. It’s available for iPhone/iPadAndroid, & Kindle. Schwab even has a one page guide that will walk you through set-up. (Again, click on any image to see a full size version)

Schwab screen shot account listSchwab screen shot check depositSchwab screen shot market overview

 

 

 

 

 

 

 

 

 

Credit card and bank or credit union apps are also handy to have on your devices. Simply search for them in the iTunes Store for Apple users, or the Google Play Store for Android devices.

If you have trouble finding what you’re looking for, AppCrawlr is “the app discovery engine”. This is a great, user friendly site where you can find apps by category or many other criterion, for any device.

Of course, make sure all your devices are password protected so sensitive information isn’t accessible to prying eyes. This is one of the easiest things you can do to protect your identity.

Lastly, for our clients, you are welcome to bring your tablets and smart phones to our meetings. We would like to make sure you are able to login and answer any questions you might have.