Schwab Launches Integrated Solution for Advisors to Manage Health Savings Accounts for Clients

Teams up with Leading Health Care Financial Services Providers Optum Bank and Discovery Benefits

Wednesday, June 3, 2020 6:00 am PDT



Public Company Information:

"Paying for health care in retirement is a top concern for Americans. This HSA program offers advisors a powerful tool to address this challenge, and can also help them deepen client engagement, increase referrals, and achieve a competitive advantage"

SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab has launched integrations with leading Health Savings Account (HSA) providers to enable advisors to invest and manage their clients’ HSA investments. These Advisor-Managed Consumer-Direct HSA programs use Schwab’s Health Savings Brokerage Account (HSBA), a brokerage window within an HSA that delivers broad investment capabilities for advisors and their clients.

Health Savings Accounts continue to grow in popularity, with 28 million HSAs holding nearly $66 billion in assets as of year-end 2019, including $50.2 billion in deposits and $15.7 billion in investments.* Schwab makes it possible for advisors to maximize the value of these triple-tax-advantaged accounts for their clients by offering the ability to invest through a brokerage window designed specifically for HSAs.

Financial advisors are in an ideal position to educate clients about the role HSAs can play in helping manage health care costs in retirement. “Paying for health care in retirement is a top concern for Americans. This HSA program offers advisors a powerful tool to address this challenge, and can also help them deepen client engagement, increase referrals, and achieve a competitive advantage,” said Mark Coffrini, senior vice president, Schwab Retirement Business Services.

Opening an HSBA electronically is easy through integrations Schwab has developed with leading health care financial services providers Optum Bank and Discovery Benefits LLC, a Wex company. Schwab’s HSBA offers access to thousands of investment options including mutual funds, exchange traded funds, REITs, individual stocks and bonds, and more.

Portability and Flexibility

Like individual retirement accounts, HSAs are portable, so even if an investor is not currently with an HSA provider with access to Schwab’s HSBA, they can open an additional HSA and transfer their existing HSA savings to an Optum Bank or Discovery Benefits HSA. They can continue making contributions as long as they remain covered by a high deductible health plan. Importantly, individuals can have multiple HSAs. For example, an individual can contribute to their workplace HSA via payroll deduction and transfer funds to a separate HSA managed by their advisor.

HSBAs work like other Schwab brokerage accounts. They are accessible to advisors through Schwab Advisor Center (SAC), and to investors through Schwab Alliance or Account data downloads are available through Schwab’s Data Delivery (SDD) process. And, they can be incorporated in Schwab OpenView gateway, as well as integrated with third party software. Additionally, advisors can leverage the standard custodial billing process for management fees through SAC.

HSA Expertise

Schwab is already an established leader in the HSA marketplace. Charles Schwab Trust Bank custodies $7.4 billion in HSA investments, representing nearly half of all HSA investments as of December 31, 2019. In addition, many leading HSA providers rely on Schwab Retirement Technologies® for advanced recordkeeping and administration services to support workplace HSA benefit programs.

Advisors can learn more about the Advisor-Managed Consumer-Direct HSA Program here.

About Charles Schwab

At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

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Brokerage Products: Not FDIC-Insured • No Bank Guarantee • May Lose Value

Brokerage products and services are offered by Charles Schwab & Co., Inc. Schwab RT is engaged in developing and licensing proprietary retirement plan recordkeeping systems to independent third party administrators.

Schwab Health Savings Brokerage Account (HSBA) is offered through Charles Schwab & Co., Inc. (“Schwab”), Member SIPC, a registered broker-dealer offering investment services and products. Trust, custody, and deposit products and services are available through Charles Schwab Trust Bank (“Schwab Trust Bank”), Member FDIC. Schwab and Schwab Trust Bank are separate but affiliated companies and wholly-owned subsidiaries of the Charles Schwab Corporation. Please consult with your legal counsel and tax advisor about your particular circumstances. Third party HSA providers are not owned by, affiliated with, or supervised by Schwab or Schwab Trust Bank nor is Charles Schwab or any of its affiliates responsible for the services provided by these HSA providers. Schwab provides referrals to unaffiliated, third party HSA providers who use Charles Schwab Trust Bank and Charles Schwab & Co., Inc. brokerage services for the investment portion of their HSA programs. Schwab is not responsible for the services provided by these HSA providers.

Discovery Benefits, LLC and Optum Bank are unaffiliated with The Charles Schwab Corporation and its affiliates.

Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC,, and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at and

* 2019 Devenir Year-end HSA Research Report. Devenir Group, LLC.

© 2020 Charles Schwab & Co., Inc. Member SIPC



Mike Peterson
Charles Schwab

Travis Fishstein
The Neibart Group

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