But Why?
Interest posting
"Why isn't my interest posted yet? It is already past noon and I want to reinvest this into another CD ASAP before the market closes. TDA posted the interest before the market opened."
BLR Themes: Ownership (Gain agreement), Engage, Knowledge, Discover, Professionalism/Courtesy
Department closed
"I have to speak with the Move Money team NOW for this wire that has to go through. Client is calling at 11PM and the department is closed."
BLR Themes: Ownership, Resolution, Ease, Professionalism/Courtesy
1. Ownership statement: "I would be happy to assist with that."
2. "The specialist department that can best assist opens at 8am ET tomorrow, I can give you the direct phone number" - or - "I can call them and follow up with you tomorrow morning, when is a good time to call?"
3. Avoid: "They are closed now…call back tomorrow."
GFV Scenario
"I got an email that my account is restricted - why do I have a trade violation? That doesn't make sense!"
BLR Themes: Ownership, Resolution, Ease, Knowledge, Professionalism/Courtesy
1. Ownership statement: "I would be happy to assist with that."
2. "Let's take a look through your recent trades. So it looks like you sold XYZ shares and bought ABC shares but then sold ABC shares before the settlement of the sale. This resulted in a good faith violation per the regulatory rules and the cash up front restriction."
3. Pause check if client has any questions on the transaction and then go into potential one-time exception and checking with TRR.
4. Use Education Library to email client about restrictions
5. Avoid: "You're account is restricted Cash Up Front for 90 days."
Failed verification OOW
"What do you mean I failed the verification quiz? I know all of the answers I said are correct. What do I have to do now? Why won't Schwab let me access my money?"
BLR Themes: Ownership, Ease, Professionalism/Courtesy
1. Ownership statement: "I would be happy to assist with that."
2. "I wasn't able to verify you at this time and for your security you will need to visit a local branch with your ID for verification. Would you like me to look up the address for you?"
3. OR - NLOA may be used if no branch within 50 miles / reasonable distance, give instructions
4. "I can help you with general account information, what questions can I answer for you?"
5. Place client on brief hold when client may not remember verbal PW and give them a minute to try to remember!
6. Avoid: "I can't help you, you need to visit a branch."
"What is the cash sweep program and what is the interest that my cash is earning because it is just sitting there right now?"
BLR Themes: Ownership, Engage, Discover, Professionalism/Courtesy
1. Ownership statement: "I can definitely help you check that rate and assist."
2. CHECK FOR UPDATED RATES: "The cash is currently earning a small amount of interest at XX.XX%, but we do have other options at Schwab for your cash. We do offer other fixed income products such as Treasuries, CDs and money market funds."
3. "We can definitely help you connect with a financial consultant as part of our complimentary service as part of our Schwab Private Client Services to review your investing options."
4. Avoid: "The cash is earning XX.XX% APY. What else can I assist you with?"
Money Link limits that Schwab sets at usually $100k per transfer and 2 transfers per day on the client's side.
"Why can't I send more money out and the system says that I have reached my maximum transfer limit. XYZ broker allows for a larger, instant transfer amount."
BLR Themes: Ownership, Gain agreement, Professionalism/Courtesy
Unauthorized caller
"We have been married for 35 years and my wife is assisting with my individual account and I will give her the phone now" and wife quickly begins talking before client is verified.
BLR Themes: Ownership, Ease, Engagement, Professionalism/Courtesy
1. Wait for wife to finish and politely state "Mr. Client, I do need to have you verified first before we can discuss the situation/before we can get you logged into YOUR profile"
2. "This is for security reasons that we want to protect our clients against fraud and account holders should not share their login credentials."
3. Solve client's immediate need and ENHANCE with FTA/LTA/FPOA/LPOA options
4. Avoid: "I can't talk to you about the account"
Trade ASAP
"I don't have access to my computer and I need you to place this trade ASAP. I want buy 100 shares of AAPL at limit. Place this now."
BLR Themes: Ownership, Engage, Discover, Knowledge
1. Ownership statement: "I would be happy to assist with that."
2. "I'm going to take a look at your balances, open orders, etc. (BOPT)."
3. Take time to check and review the order and confirm details such as trade timing, order type and special conditions.
4. Client pushback? Offer client to walk through trade online or telebroker.
5. Avoid: Rushing, especially for trades you are not sure about.
Fraud investigations
"I reported some fraudulent activity on my account last week and I still have not heard back from anyone and I need to get back on my accounts. Why is this taking so long and why is no one contacting me?"
BLR Themes: Ownership, Ease, Professionalism/Courtesy
1. Ownership statement: "I would be happy to assist. Let's take a look at your accounts."
2. "I do apologize for the inconvenience and the delay and I understand that it can be frustrating to wait for an update or to be able to access the accounts online again, but our teams are continuing the investigation at this time. The Fraud team's primary goal is to protect and safeguard clients. And we want to make sure the investigation is complete."
3. "I am going to email our team on this situation and is there a good phone number that I can contact you at with any updates as soon as I hear back?"
4. Avoid: "You have to wait for a call back from our fraud team as we have no additional information right now."
**Remember Fraud Team may or may not assign an investigator and they may or may not contact the client**
"My husband used to do all the trading at Schwab and for our accounts at Morgan Stanley. Can you help me make some trades today please?"
BLR Themes: Ownership, Engage, Discover, Professionalism/Courtesy
1. Ownership statement: "I can definitely help you with that and I am so sorry for your loss. But we would be happy to assist you with that."
2. Address client's immediate need and then "And would it be alright, Ms. Client, if I may ask a few questions regarding your accounts?"
3. "I noticed that you are a part of our Schwab Private Client Service program and we do offer a complimentary service to our Schwab Private Clients to help you connect with a financial consultant to assist with financial planning and to review your accounts. They can also assist with account consolidations, as you mentioned you all had accounts outside of Schwab as well, if you would be interested!"
4. Avoid: Just walking the client through the trades, especially when they are unsure of trading and what to trade.
Dividend reinvestment
"Hello! I want to reinvest my XYZ dividend." (BlueZone shows XYZ is not eligible for dividend reinvestment)
BLR Themes: Ownership, Ease, Knowledge, Professionalism/Courtesy
1. Ownership statement: "I would be happy to assist with that."
2. "Currently, XYZ stock does not offer dividend reinvestments. Alternatively, we can use the cash to buy more of the stock or we can use Schwab stock slices for eligible securities."
3. Avoid: "Just not an option and this cannot be done."
Cash, Money Link and deposit holds at Schwab
"I just deposited this money through Money Link, why can't I withdraw it today?"
BLR Themes: Ownership, Ease, Knowledge, Professionalism/Courtesy
1. Ownership statement: "I would be happy to assist with that."
2. "Most securities are available for trading immediately and withdrawals of cash due take 3 business days to clear from the posting date." "What were you needing the withdrawal for at this time?"
3. Alternative options such as wires for the future.
4. Avoid: "Just the policy at Schwab"
CD principle not credited yet
"My CD has not matured yet / cash is not in my account yet but I would like to place this trade today"
BLR Themes: Ownership, Resolution, Ease, Engage, Knowledge,
1. Ownership statement: "I would be happy to assist with that."
2. "Currently, we are waiting for the clearing agent to send us the funds so that we can credit the account. We do need to wait until the funds are in the account to ensure that everything is cleared and that we do not overspend your account."
3. Client pusback? Check with TRR and FID prior to placing trade if client's CD is due to mature that day AND disclose to the client that if the cash from the CD is delayed, the client may be in a money due situation and must cover the trade.
4. Avoid: Transfers to fixed income without discovering the situation and trying to find a workaround for the client.
Password reset senior client
"You people keep locking me out of my account. You don't want me to access my money."
BLR Themes: Ownership, Ease, Professionalism/Courtesy
1. Ownership statement: "I can definitely help you with this and help you get back into your account. Let me check just a few things first."
2. Check Web Access - is password suspended? Check Login ID, have them try on the phone with you "one more time"
3. Breathe, be patient, don't give up -see this one through. Treat our clients like you would your own grandparents or parents.
4. After the new pw is created, try to have client log out and log back in to make sure it is working.
5. Avoid: DO NOT just give them temporary PW and leave the client to try on their own. Do not transfer to CTS without trying first!
"I am not sure what the markets are going to do next and I don't know what to invest in now and I am not going to pay a fee for some advice."
BLR Themes: Ownership, Ease, Discover, Professionalism/Courtesy
1. Ownership statement: "I can definitely help you with that and we can go through some options given the market volatility!"
2. "Per the Schwab Investing principles, it is nearly impossible to time the markets and it is important to maintain a diversified portfolio."
3. Send client link to Schwab Investing Principles via Education Library.
4. "I did notice that you are a Schwab Private client with us and we do offer a complimentary service to our Schwab Private Clients to help you connect with a financial consultant to assist with financial planning and to review your accounts!"
5. "Many of our clients in SPCS clients are self-directed and this is a complimentary service for our clients. I can also note that when I submit the referral."
6. Avoid: "I cannot give you advice" and avoid simply reiterating what the client said about market volatility.