Charles Schwab, the custodian that holds most clients’ accounts, is changing the standard expectation for opening new accounts.
What’s changing
Beginning November 2, 2026, Schwab will no longer allow paper forms for eligible new accounts that can be opened digitally. Those accounts must be opened through Schwab’s digital onboarding process or through DocuSign. Instead of signing paper applications, you’ll receive a secure email, review your documents online, and approve them electronically from a computer or phone.
What this means for you
- This applies to opening new accounts. If we open an account for you, such as an IRA, or an individual account, you’ll complete the paperwork digitally. Schwab has recently expanded the list of account types that can be opened this way.
- It’s designed to be faster. Digital onboarding lets us open and fund accounts in one streamlined process, with fewer of the errors and delays that can hold up paper applications.
- You’ll need an email address, cell phone number, and a computer or smartphone.
- Alternatives are available. Schwab will still offer exception processes for clients with accessibility needs or who require a different account opening method. If digital signing isn’t a good fit for you, we’ll work out the best option together.
How we’ll help
When opening a new account, I’ll let you know when to expect an email that will prompt the account opening process. The email will arrive from Schwab/DocuSign and ask you to review and approve your documents. I’m happy to walk through it with you by phone or in the office.
A note on security
Because these emails ask you to sign documents, please be cautious. If you receive an account opening request you weren’t expecting, call our office or send me an email before clicking anything. We will never ask you to share passwords or Social Security numbers by email.
Advisory services offered through Plains Advisory LLC, an investment adviser registered with the State of Nebraska. Insurance products and services are offered and sold separately through John Posey, a licensed insurance agent. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Any information provided is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal, tax, financial or investing advice and cannot be used to avoid tax penalties or to promote, market, or recommend any plan or arrangement. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.
