Schwab Launches Digital Financial Planning Platform

Charles Schwab says it has launched a digital platform for clients who work with its financial consultants, private client advisors or portfolio solutions group consultants. The platform, Financial Planning Action Center, is now available and enables clients to track and complete tasks within their financial plan and ask questions with the aim of helping them improve their long-term financial outcomes, Schwab says. Clients can access the platform by developing a customized financial plan and will then receive an invitation via email to access the platform, according to a story in Financial Advisor. Schwab says that the platform’s features include:

A digital financial planning dashboard that displays tasks to be completed, status updates and curated educational content to clients. A Schwab financial consultant, private client advisor or portfolio solutions group consultant can add suggested next steps and deadlines to the dashboard.

conversation between clients and investment professionals and makes the planning experience more engaging and interactive. Additionally, the platform has a messaging feature so that clients can get in touch with their investment professional, ask questions or request an appointment.

clients so that they are up to date about incomplete tasks and dates to complete them by. Clients can change due dates or skip a task as their priorities and needs change. Allows investment professionals to spend less time during appointments on inputting data and more time providing planning experiences. Schwab says it is seeing more client engagement with digital and mobile investing tools and services. There were 3.6 billion digital retail accounts logins across Schwab in the past year, up 33% from 2020.