Statements and reports

Schwab Statements and Reports

Charles Schwab Institutional is the custodian of Client accounts. Each month, Schwab sends a statement detailing the current positions and valuations to each Client. In addition, trade confirmations are sent by Schwab whenever Portfolio Solutions conducts a trade in an account. At the end of the year, all Clients receive 1099’s on their taxable accounts and trade reconciliation statements on non-taxable accounts.

The Schwab Alliance website offers an array of daily print on demand reports that you may download. Most Clients prefer to receive statements and confirmations by email rather than through the regular mail.

Clients often request that duplicate statements be sent to a third party, such as a trustee or financial planner. Duplicate statements can be arranged when an account is opened or anytime thereafter.

Portfolio Solutions Reports

Each quarter, Clients receive an account valuation with unrealized gains and losses, a billing statement that shows the calculation of our quarterly management fee and a performance report. The multi-page performance report compares the performance of each asset class to an appropriate benchmark, as well as comparing the entire portfolio to a custom blended benchmark of indexes. The report has several different charts and tables included.

Each year clients are sent a realized gain/loss statement to assist with tax preparation. Our report uses tax-lot accounting rather than average cost, which is the least taxing of any accounting methods. We recommend using our gain/loss statement on your taxes rather than the average cost report, which can be obtained from the Schwab Alliance website. If you need help with your taxes, please consult your tax advisor.

Our portfolio accounting software is capable of generating many different types of reports on demand. Please call us or email if you need something special.

The SEC requires that investment advisors offer annual ADV Forms, Privacy Statements and a Code of Ethics to all clients. You will be notified by mail when these items are available and given instructions on how to view them over the Internet. The SEC-required items will also be available by regular mail upon request.