Keeping track of your finances is an important part of managing your investments. Your investment account statement is a key tool for monitoring activity and balances across your accounts. Charles Schwab provides consolidated account statements that allow you to view your holdings in one place. Once your accounts are opened, you will receive instructions to set up your Schwab Alliance login so you can securely access your account information online.
Download How to Read Your StatementsReading your statements is vital for the following reasons:
Accuracy: Your investment account statement summarizes your investment activity, including all transactions over a specific period. By reviewing your statement, you can ensure that all the information is accurate and that there are no discrepancies or errors. Please reach out as soon as possible if you notice an error.
Investment Performance: Your investment account statement also provides an overview of your investment performance. By reviewing this information, you can assess how well your investments perform, and we can make any necessary adjustments to your portfolio. This information is particularly useful when we meet with you to discuss your portfolio, where we can discuss any concerns or changes you would like to see.
Fees: Our fee structure is designed to be transparent, and your investment account statement will provide a detailed breakdown of any fees deducted from your account(s). Prior to opening any investment accounts on your behalf, we will provide you with a comprehensive overview of our fees that you can review.
Compliance: Providing investors with regular investment account statements is mandatory by law. We take compliance seriously and want to keep you informed about your accounts. Even if it was not a legal requirement, we are committed to ensuring that our clients are financially empowered. This educational empowerment begins with keeping them updated on what is happening with their accounts.
Planning: Reviewing your investment account statement can be a crucial step in planning for the future. With a comprehensive understanding of your investment performance and fees, we can help you make informed decisions about your investment strategy and plan for your future financial goals. We aim to help you navigate the various aspects of your financial life, no matter how complex, by addressing your planning needs and helping you select the right solutions to achieve your objectives.
Disclosure: How to Read Your Statement PFD was sourced from Charles Schwab. Content intended for educational/informational purposes only. Not investment advice or a recommendation of any security, strategy, or account type. Tuttle Wealth Partners, LLC provides these materials for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
How to Update Your Beneficiaries
on Your Schwab Accounts
Did you know you can update the beneficiaries on your Charles Schwab accounts directly in Schwab Alliance?
Reviewing and updating your beneficiary information helps ensure your accounts align with your current life, family, and financial goals.
Access Schwab AllianceIf you do not yet have a Schwab Alliance login, please contact Melinda at [email protected] or call 800-871-1219 ext. 1 for assistance.
Why Keeping Your Beneficiaries Updated Matters
Keeping your beneficiaries current helps ensure your assets are distributed according to your wishes after your passing. If beneficiary designations are not updated, your assets may be distributed according to default rules or state laws, which may not align with your intentions.
Up-to-date beneficiary designations can also help:
- Avoid legal delays and family disputes– Without clearly named beneficiaries, loved ones may face a complicated and time-consuming legal process to claim assets.
- Reduce taxes and administrative costs– Assets with designated beneficiaries typically pass directly to heirs without going through probate, helping to minimize delays, legal expenses, and potential estate or income taxes.
Reviewing and updating beneficiaries is a simple yet critical step in your overall financial planning. It is especially important after major life even
How to Update Beneficiaries Online
Before you begin, have the following information available for each beneficiary:
- Full legal name
- Contact information
- Date of birth
- Social Security number
Step 1: Log in to your account at schwaballiance.com
Step 2: Click Profile in the top-right corner of the screen
Step 3: Select Beneficiaries to view your current designations
Step 4: Scroll to the My Beneficiaries section and click Name Beneficiaries. You may name up to 10 primary and 10 contingent beneficiaries per account. If beneficiaries are already listed, select Edit Account to make changes.
Step 5: Click Create a New Beneficiary and enter your primary beneficiary information, then select Continue
Step 6: Enter contingent beneficiary information and continue through the prompts until you reach the Review and Consent screen
Step 7: Review your changes and provide consent to finalize the update
Once submitted, your beneficiary information will be updated within your Schwab account.
Important Note on IRA Beneficiary Designations
Account holders should periodically review their beneficiary designations to ensure assets are distributed as intended. For owners of Traditional, Rollover, Roth Contributory, Roth Conversion, SEP, SIMPLE, or Inherited IRAs who pass away on or after October 1, 2022, the default beneficiary designation is “line of succession” if no beneficiary is named.
Under this default, IRA assets are distributed in the following order to surviving individuals:
- Spouse
- Living children (biological or legally adopted) in equal shares
- (Stepchildren are not considered legal descendants for this purpose.)
- The account holder’s estate
It is strongly recommended that you review your beneficiary information every few years, and ideally on an annual basis.
If you have any questions about logging into your Schwab account or if you have forgotten your username or password, you can contact your Schwab Alliance Team at 800-515-2157.
For additional help from the Tuttle Wealth team, please contact Melinda at [email protected] or call 800-871-1219 ext. 1.