Quick Information:

This will work as a Line of Credit for up to 70% of a client's non-qualified account balances.  It takes about 1 day to open and about 1 day to receive the funds via wire.  The rate will be based on asset value:

Useful contact information:

Alynn Eubanks <Alynn.Eubanks@Schwab.com> - Our current Schwab Rep
Shea Dersham  <shea.dersham@schwab.com> - Helped me directly with setting up a PAL

Setup Steps:

Simply go to: https://actioncenter.schwab.com/pal

Or, if you would rather navigate to it, in Schwab Advisor Center, navigate to the Account Management Tab and click on the “Open and fund an account” button under Digital Workflows:

Followed by choosing the PAL option:

Type in your clients name to search for their accounts.  You do not need to select the specific account, clicking on any account works:

As the next screen will show all available accounts and their eligbility:

Click on the account(s) you would like to apply for and click the “Calculate” button:

You will receive and instant quote with the amount available to draw as well as the rate that Schwab will lend at.  Click the “Save” button to proceed.

This rate is not final, and can be negotiated.  My client (not pictured) was offered 6.73% when I first applied, and I emailed Shea (listed above), and she put in a negotiation request and was able to get the rate down to 6.0%.  You must save the calculation above before being able to negotiate.

Once this estimate is created, and you have received your new negotiated rate (if applicable) you can click the “Start Application” button:

As the advisor, you can quickly fill out the first 5 sections (not counting Collateral as Schwab).  For “Supplemental Documents,” they don't actually require anything.  

Once you get far enough, it will have you reassign it to your client to finish, and then you will get an engagement from Schwab to sign and you're done!