In addition to our “Comprehensive” and “Collaborative” service levels, we also offer some of our services in a “Do-It-Yourself” service level that has a lower annual fee and no minimum. Basic services include asset allocation design and portfolio management. Some additional bonus services are available for an additional charge. We typically recommend using Charles Schwab as the custodian for our “Do-It-Yourself” level accounts.
Charles Schwab has spectacular customer service and a relatively easy to use online banking system. However, it can be difficult to get started because their technical documentation is both hard to find and sometimes outdated.
After you have opened your account, there are many methods of contributing to or funding your Charles Schwab account. The best and easiest four methodologies are as follows:
The first way you can fund your account is by writing a check and then depositing it to your account via your mobile phone or a postage paid envelope. Luckily, the process is simple, you write a check payable to the account holder’s name(s) followed by “Charles Schwab Account Number” followed by the relevant Account Number. Then, endorse the back with your signature and write “for deposit only in” followed by the relevant account number. If you are contributing to an individual retirement account (IRA), you should also put in the memo line, “IRA contribution for tax year [the Relevant Tax Year here],” so Schwab reports the contribution correctly to the IRS.
For a more complete review of where to send the check or how to use the mobile app, read “Charles Schwab: How to Fund Your Account with a Check.”
If you have an external bank account, such as a local checking account, which has funds you would like to contribute to your Schwab account, then using a MoneyLink is another easy option. You can set up the MoneyLink online by following the instructions in “Move Funds Between Your Bank Account and Your Schwab Account.” After the MoneyLink is established, the linked external account will appear in the list of accounts available for transfer in the “Online Transfer” tool.
If you already have an account open elsewhere, you can use a simple online account transfer to consolidate those funds into your Schwab account. Our guide for doing so is here: “Transfer an Existing Account to a Schwab Account with Marotta Wealth Management.”
Alternatively, if you have an employer sponsored account such as a 401(k), you may be able to rollover the assets via these instructions: “How to Rollover Your 401(k) into a Schwab Institutional Intelligent Portfolio with Marotta Wealth Management.”
Finally, if you want to deposit your income sources such as your paycheck or Social Security check, you could use direct deposit. This method is established with your employer’s human resources (HR) director or with the Social Security office and is a very effective way of funding your account. The basic information your HR director will ask for can be found in “How to Set Up Direct Deposit.”
Photo by erica steeves on Unsplash