Charles Schwab has rolled out a digital Inheritance Center to help retail investor clients manage tasks online after the death of a loved one. This includes activities like opening accounts, submitting forms and receiving status updates.
Why It Matters: Schwab is one of the largest asset managers and custodians with $8 trillion on its platforms as of June 30. Investor Services' accounts included $4.3 trillion, while Advisor Services' accounts had $3.7 trillion.
What to Know: The Inheritance Center is available now to "almost half of the total inheritor population," Schwab says, meaning beneficiaries who need to open individual retirement accounts and/or brokerage accounts in order to receive their assets from Schwab clients. "The online hub will eventually be available to all inheritors," it stated in a news release.
