Video: Schwab Alliance Tutorial Webinar Replay

Video: Schwab Alliance Tutorial Webinar Replay

September 13, 2023

In case you missed our Schwab Alliance Tutorial webinar series, a video recording is now available. See below:

Chapters & Bookmarks:

00:00 Start
00:21 Active 401(k) Management Solutions Overview
08:21 What is Schwab Alliance?
16:02 How to Log in to Schwab Alliance
19:13 How Schwab Reports Value
21:09 How to Edit Account "Nickname" (Account Title)
30:33 How Day Change & Cost Basis is Calculated
33:28 How to Find Account Statements
36:21 How to Grant View-Access to Your Spouse/Trusted Contact
38:55 How to Update Tax Withholding Elections
42:00 How to Update Login/Password
43:15 How to Update Contact Information
44:10 How to Update Beneficiaries
45:47 How to Enroll in Paperless Communications
50:52 Schwab Alliance Support Contact Information

Frequently Asked Questions (FAQs)

1. How can I add view access to my accounts to my spouse/trusted contact?

  • View-only access is for clients who want to share a read-only Schwab Alliance experience with an authorized user, such as a spouse or tax professional. To grant access to your account to a 3rd party individual, start by clicking the Profile icon and selecting Account Access from the drop-down menu. To get started, select Give Account Access and select the level of access you want to share (read the descriptions of the access levels to make the appropriate decision). Next, identify the account(s) to be shared and enter the personal information of whom you wish to grant access to your account(s). Lastly, verify that all the information is correct and continue. You may also refer to this video demonstration or the video above at the 36:21 time stamp.

2. How is the cost basis calculated? Why is it under-reporting the performance of my investments?

  • The "$ and % Unrealized Gain/Loss" is the hypothetical gain or loss that would be realized and potentially taxed if the investment was sold at the current market price. The calculation uses the current market value of the security minus its cost basis, (e.g., adjustments for any reinvestments, fees, and commissions). It does not include all the adjustments that may be necessary for computing your tax gains or losses or for reporting these gains or losses on your tax return and is not binding on the IRS. It is not intended to be used as a performance measurement, since it does not take into account all income generated by your investments. For this reason, the Gain/Loss ($/%) tab will typically under-report the performance of many investments.

3. How can I update my Tax Withholding Election (TWE) for my pre-tax (qualified) retirement accounts?

  • Click/hover on Move Money then click Transfers & Payments (right below on the top left). Once you click on Transfers & Payments, you are going to see a list of different options that pop up for the different money movement options, however, we are focusing on tax withholding elections. Scroll all the way down to the white box titled 'How else can we help you?' and click Edit tax withholding elections. Tax withholding elections are on a per-account basis, therefore, you will update them on a per-account basis. Select which account you would like to update your TWE and enter your recommended election. Lastly, review your current election and your new election to ensure they are correct. Then, scroll down and press I Agree and Submit.

***Note: Whether you are adding your tax withholding for the very first time or if you are editing an existing withholding, this is how you can do the process digitally. Sierra Pacific Financial Advisors does not have the ability to opt out of tax withholding for you, the IRS stated that the end client needs to be the one to opt out of their own taxes. What's great about this feature is that you can do this digitally without any forms or paperwork, it is effective immediately, and it will only take you about 30 seconds to 1 minute to complete.