How do I open an HSBA investment account through Lively's partnership with Charles Schwab?
Summary instructions:
- From the Lively Dashboard, click the 3-lines menu to open more options.
- From the Investments screen, click on “Get started” for the Schwab Health Savings Brokerage Account option.
- Follow the steps with Lively and Charles Schwab to open your account.
- When you receive your new Charles Schwab account number (XXXX-XXXX) make sure to write that account number down and send it to Wrought Financial Planning here.
- Charles Schwab will not automatically link with your portfolios through Wrought FP so we must use your new account number to establish the new account grouping.
Detailed step-by-step instructions on opening the Schwab account:
Sign into your HSA account at https://secure.livelyme.com and then navigate to the Investments tile.
From the choose investments screen, click on "Get started" for the Schwab Health Savings Brokerage Account option.
Click on "Continue" for the Get Started screen.
Choose either the "No access fee" or "Annual access fee" option. Because the Lively $24 is relatively minor and allows you to invest $3,000 more into your portfolio, for clients who wish to primarily invest their HSA balance (as opposed to those who wish to reserve some cash for medical expenses) we reccomend the "Annual access fee" option.
Click "I Accept" through the next several screens of legal disclosures. You will then be redirected to Charles Schwab's website.
Click on "Open new HSBA"
Accept the consent questions and continue clicking "Continue" to move forward.
Enter your information as the Account Holder.
We recommend adding at least one Trusted Contact Person, if appropriate, such as a spouse or close family member as a backup access person.
Review your summary information on the final screen.
Continue approving disclosures and clicking "Continue" until you reach the final "Submit Application" screen.
Very Important: After submitting, you will see a confirmation page with your 8-digit account number. Please write this number down and send it securely to us here. Wrought Financial Planning needs this account number to begin the process of linking with our advisor account at Schwab, as it will not automatically link and must be manually connected.
Continue clicking "Continue" and you will eventually get to the main Charles Schwab client login page. Login with your normal Schwab login that you would use to see your other investment accounts.
Once logged into Schwab, you will see a new account titled "HSA Brokerage" this is your Lively HSA. You may also have an HSA Bank account as well, if you were previously invested through HSA Bank's now-discontinued program with Charles Schwab. You can also click on either account here to access your account number if needed in the future.
