FAQ - Shah Wealth Advisors

1. Why are you transitioning from Ameriprise to an independent RIA?

As our industry has evolved, we have been carefully monitoring whether Ameriprise remained the most effective platform for our clients. While we are grateful for the support Ameriprise has provided over the years, we ultimately concluded that an independent model would allow us to better serve our clients’ interests going forward.

For this reason, we decided to launch our own fully independent firm, Shah Wealth Advisors. As we thought about how to reposition ourselves, we asked two important questions:

What platform will best support our clients’ needs as their families and wealth continue to grow?
Which custodial partner will give us the flexibility and resources to deliver the highest level of advice and service?

By selecting Charles Schwab as our new custodial partner — one of the most respected institutions in the industry — we will strengthen our ability to serve as your fiduciary, add substantial value and deliver prudent, thoughtful solutions.

2. Why didn’t you tell us about this change earlier?

We would have preferred to share this news with you sooner. However, due to obligations with our prior firm, we were not permitted to discuss our plans ahead of our resignations from Ameriprise. We appreciate your understanding and look forward to discussing the transition with you.

3. What is an RIA and a Fiduciary?

A Registered Investment Adviser (RIA) is an independent firm that provides financial advice tailored to your goals and circumstances. As an RIA, Shah Wealth Advisors operates under a fiduciary standard, meaning we are legally and ethically required to act in your best interest when providing advice and managing your investments.

Putting our clients’ interests first has always been the foundation of how we work. The independent RIA structure simply reinforces that philosophy and allows us to continue delivering advice centered on your goals, your family, and your long-term financial priorities.

4. Are independent advisors subject to regulatory oversight?

Yes. As an independent Registered Investment Adviser, Shah Wealth Advisors is regulated by the U.S. Securities and Exchange Commission (SEC). Like other regulated financial firms, we are subject to strict compliance, reporting, and record-keeping requirements designed to protect clients and ensure transparency.

5. Will my contact/team at Shah Wealth Advisors remain the same?

Yes. There is no change in office location and no changes to your team. As always, we are readily. As always, we are readily available should you need us.

However, so you don’t miss important communications, kindly update your records and address book with our new email addresses and phone number.

Office Phone Number: (909) 497-3105

6. Why did you choose Charles Schwab as your custodian?

We conducted an exhaustive search to select the institution that will hold and safeguard our clients’ wealth. We chose Charles Schwab because they are the premier custodian for independent advisors, offering:

Institutional Excellence: Over 50 years of experience and trillions in assets under management.
Advanced Technology: A superior digital experience for clients via the “Schwab Alliance” portal.
Client Protection: Industry-leading security protocols and asset protection.

7. What is Charles Schwab’s role in all of this?

Charles Schwab acts as your independent custodian by safeguarding your cash and investments, processing account transactions, and providing state-of-the-art reporting tools. Shah Wealth Advisors provides your personalized financial advice and investment management, while Charles Schwab provides the platform and security.

8. How safe is my money?

Your wealth is extremely secure. Shah Wealth Advisors does not take direct custody of your funds; instead, assets are held with Charles Schwab.

For ultimate peace of mind, this structural safety is backed by multiple layers of institutional insurance: standard SIPC coverage up to $500,000, “excess SIPC” coverage via Lloyd’s of London up to $150 million per customer, and FDIC insurance up to $250,000 per depositor for cash sweeps.

9. How do you handle/protect personal information and data security against privacy concerns?

We realize data security is an ongoing process that requires vigilance at every level. We protect your wealth and identity through three main pillars:

Institutional Security: Charles Schwab utilizes state-of-the-art encryption and 24/7/365 system monitoring. They also back your accounts with the “Schwab Security Guarantee,” covering 100% of any losses due to unauthorized activity.
Firm-Level Cyber Protection and Protocols: Shah Wealth Advisors partners with a leading cybersecurity firm, Intelligent Protection Management (IPM), to actively monitor our systems and keep us ahead of emerging threats. Furthermore, we enforce strict internal anti-fraud and operational protocols to ensure your accounts remain secure against unauthorized access.
Strict Privacy Pledge: Your personal information is strictly confidential. We never share or sell your data to any third parties for advertising or promotional purposes.

10. What do I need to do to move my accounts?

We have designed this process to be a seamless, “white-glove” experience.

Account Set Up Assistance: As strict privacy regulations prevent the direct transfer of certain sensitive information, our team will reach out to securely obtain these details. This ensures we can accurately pre-fill your account applications for both Shah Wealth Advisors and Charles Schwab.
Review and Sign: You will receive a secure digital package via DocuSign. You simply need to review your details and sign electronically. If you prefer to sign in-person, we will be ready.
Automated Move: Once signed, our team handles the entire transfer. Your investments will move “in-kind” (as-is), meaning nothing is sold and there are no tax consequences. It typically takes 7–10 business days for assets to fully arrive at Schwab, and our team will keep you updated every step of the way.

11. Why do you need my personal information again?

Privacy regulations prevent us from taking your sensitive files (Social Security numbers, DOB, etc.) from our prior firm. To set up your new, secure accounts at Schwab, we must re-collect this information to ensure your profile is accurate and secure.

12. Will I incur any costs or taxes because of the move?

No. Your investments move “in-kind,” meaning we transfer the shares exactly as they are. Nothing needs to be sold, so no tax exposure will be caused by the transition. Furthermore, there are no transfer fees to be paid by you; if Ameriprise charges a fee to close the account, Schwab will reimburse you.

13. Will my advisory fees and billing method change?

Our commitment to you is that this transition will not result in an increase to your total advisory costs. The advisory fee is paid monthly in arrears based on the average daily balance of your accounts for such month. There will be no platform fees from Charles Schwab.

14. Will my automatic distributions (RMDs/Direct Deposits) be disrupted?

Our team will work with you account-by-account to gather your existing transaction information. We will then transition and resume your retirement distributions, systematic withdrawals, and recurring deposits with the goal of minimizing any disruption during the process.

15. How will I access my accounts online?

You will have 24/7 access to your complete financial picture through two secure, complementary online platforms. Both will be easily accessible directly from our new website: www.shahwealthadvisors.com.

Schwab Alliance: This is your official custodial portal. You will use Schwab Alliance to access your official monthly statements, download annual 1099 tax forms, and securely authorize money movements (like wire transfers). Additionally, this platform integrates with DocuSign, allowing you to seamlessly view and electronically sign your official account agreements.
The Shah Wealth Advisors Client Portal (Powered by Black Diamond): This highly secure, industry-leading platform serves as our two-way encrypted vault for the safe exchange of sensitive documents. Beyond security, it acts as your everyday dashboard, offering a holistic view of your total net worth and tailored performance reporting

Our team will provide you with personalized setup instructions for both portals as soon as your accounts are established. For your convenience, both platforms are also available as highly secure mobile apps.

16. How often and by what method will I receive my financial statements?

You will receive official account statements from Charles Schwab on a monthly basis.. You can choose to receive these either securely online via the Schwab Alliance portal or as physical copies in the mail — whichever you prefer.

17. How do I deposit checks or transfer money into my new Schwab account?

Depositing funds is simple. You have four convenient options:

Electronic Bank Transfer: We can securely link your checking account to Schwab for seamless, on-demand ACH or wire transfers.
Mobile Deposit: You can use the Schwab Alliance mobile app to deposit checks instantly via your smartphone camera. Please ensure the check is made payable to Charles Schwab with your 8-digit account number on the memo line.
Pre-Paid Overnight Mail: We can email you a complimentary UPS label to securely overnight checks directly to Schwab. (Please remember to make the check payable to Charles Schwab and include your account number.)
Office Drop-Off: Simply bring your check (payable to Charles Schwab) to our office in Chino Hills, and we will safely process the deposit on your behalf.

18. What happens if I choose not to move?

If you choose not to sign the new paperwork, your accounts will remain at Ameriprise and will be reassigned to a different representative or the general call center at Ameriprise. We hope to continue our relationship with you at Shah Wealth Advisors, where we can offer you our full, unbiased, trusted support.

Frequently Asked Questions