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Schwab Reports Monthly Activity Highlights

SCHW

The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of October 2024 include:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241114282831/en/

  • Core net new assets brought to the company by new and existing clients totaled $24.6 billion. Net new assets excluding mutual fund clearing totaled $21.0 billion.
  • Total client assets equaled $9.85 trillion as of month-end October, up 29% from October 2023 and down 1% compared to September 2024.
  • Transactional sweep cash ended October at $394.0 billion, representing an increase of $10.0 billion versus the prior month.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 36.1 million active brokerage accounts, 5.4 million workplace plan participant accounts, 2.0 million banking accounts, and $9.85 trillion in client assets as of October 31, 2024. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sipc.org), and its 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; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary 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 https://www.aboutschwab.com.

The Charles Schwab Corporation Monthly Activity Report For October 2024

2023

2024

Change
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Mo. Yr.
Market Indices (at month end)
Dow Jones Industrial Average®

33,053

35,951

37,690

38,150

38,996

39,807

37,816

38,686

39,119

40,843

41,563

42,330

41,763

(1%)

26%

Nasdaq Composite®

12,851

14,226

15,011

15,164

16,092

16,379

15,658

16,735

17,733

17,599

17,714

18,189

18,095

(1%)

41%

Standard & Poor’s® 500

4,194

4,568

4,770

4,846

5,096

5,254

5,036

5,278

5,460

5,522

5,648

5,762

5,705

(1%)

36%

Client Assets (in billions of dollars)

Beginning Client Assets

7,824.5

7,653.4

8,180.6

8,516.6

8,558.1

8,879.5

9,118.4

8,847.5

9,206.3

9,407.5

9,572.1

9,737.7

9,920.5

Net New Assets (1)

5.0

19.2

42.1

14.8

31.7

41.7

10.0

31.0

33.2

29.0

31.5

30.3

22.7

(25%)

N/M

Net Market (Losses) Gains

(176.1

)

508.0

293.9

26.7

289.7

197.2

(280.9

)

327.8

168.0

135.6

134.1

152.5

(91.2

)

Total Client Assets (at month end)

7,653.4

8,180.6

8,516.6

8,558.1

8,879.5

9,118.4

8,847.5

9,206.3

9,407.5

9,572.1

9,737.7

9,920.5

9,852.0

(1%)

29%

Core Net New Assets(1,2)

11.3

21.7

43.1

17.2

33.4

45.0

1.0

31.1

29.1

29.0

32.8

33.5

24.6

(27%)

118%

Receiving Ongoing Advisory Services (at month end)

Investor Services

522.2

557.0

581.4

584.1

601.8

618.5

602.2

624.0

632.9

649.1

663.7

675.1

665.6

(1%)

27%

Advisor Services (3)

3,380.3

3,604.4

3,757.4

3,780.4

3,902.5

4,009.5

3,893.9

4,027.3

4,090.0

4,185.4

4,268.1

4,343.8

4,303.3

(1%)

27%

Client Accounts (at month end, in thousands)

Active Brokerage Accounts

34,571

34,672

34,838

35,017

35,127

35,301

35,426

35,524

35,612

35,743

35,859

35,982

36,073

-

4%

Banking Accounts

1,812

1,825

1,838

1,856

1,871

1,885

1,901

1,916

1,931

1,937

1,940

1,954

1,967

1%

9%

Workplace Plan Participant Accounts (4)

5,212

5,212

5,221

5,226

5,268

5,277

5,282

5,345

5,363

5,382

5,373

5,388

5,407

-

4%

Client Activity

New Brokerage Accounts (in thousands)

284

286

340

366

345

383

361

314

310

327

324

321

331

3%

17%

Client Cash as a Percentage of Client Assets (5)

11.2

%

10.7

%

10.5

%

10.5

%

10.2

%

10.0

%

10.2

%

9.9

%

9.7

%

9.6

%

9.5

%

9.5

%

9.8

%

30 bp

(140) bp

Derivative Trades as a Percentage of Total Trades

23.2

%

23.1

%

21.8

%

21.8

%

22.2

%

21.9

%

22.1

%

21.9

%

21.3

%

21.2

%

20.8

%

21.5

%

21.4

%

(10) bp

(180) bp

Selected Average Balances (in millions of dollars)

Average Interest-Earning Assets (6)

438,522

439,118

446,305

443,694

434,822

431,456

423,532

415,950

417,150

417,379

420,191

420,203

422,327

1%

(4%)

Average Margin Balances

63,946

61,502

62,309

61,368

63,600

66,425

68,827

67,614

69,730

73,206

73,326

72,755

74,105

2%

16%

Average Bank Deposit Account Balances (7)

97,893

94,991

95,518

95,553

92,075

90,774

88,819

86,844

85,195

83,979

82,806

82,336

83,261

1%

(15%)

Mutual Fund and Exchange-Traded Fund
Net Buys (Sells)(8,9) (in millions of dollars)
Equities

(3,039

)

6,099

7,903

8,182

7,624

10,379

3,472

5,734

3,379

10,908

5,609

5,217

7,176

Hybrid

(1,457

)

(1,466

)

(1,596

)

(501

)

(1,330

)

(439

)

(703

)

(558

)

(843

)

(1,155

)

(1,377

)

(432

)

(1,397

)

Bonds

1,094

255

6,104

7,510

9,883

7,561

5,949

5,854

6,346

8,651

10,919

11,015

10,442

Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds (8)

(12,245

)

(9,267

)

(7,406

)

(966

)

(1,348

)

(1,607

)

(4,818

)

(5,544

)

(4,254

)

(4,679

)

(4,003

)

(1,261

)

(4,905

)

Exchange-Traded Funds (9)

8,843

14,155

19,817

16,157

17,525

19,108

13,536

16,574

13,136

23,083

19,154

17,061

21,126

Money Market Funds

16,976

11,670

7,745

11,717

10,129

9,085

(2,357

)

9,790

3,858

9,110

8,048

9,672

11,032

Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports.

(1)

Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs. 2024 also includes an inflow of $10.3 billion from a mutual fund clearing services client in April and outflows from a large international relationship of $0.1 billion in August and $0.3 billion in October. 2023 also includes outflows from a large international relationship of $6.2 billion in October, $5.4 billion in November, and $0.6 billion in December.

(2)

Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $10 billion) relating to a specific client, and activity from off-platform Schwab Bank Retail CDs. These flows may span multiple reporting periods.

(3)

Excludes Retirement Business Services.

(4)

Includes accounts in Stock Plan Services, Designated Brokerage Services, and Retirement Business Services; Participants may be enrolled in services in more than one Workplace business.

(5)

Schwab One®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets; client cash excludes brokered CDs issued by Charles Schwab Bank.

(6)

Represents average total interest-earning assets on the Company's balance sheet.

(7)

Represents average clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.

(8)

Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers. Excludes money market fund transactions.

(9)

Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

N/M - Not meaningful. Percentage changes greater than 200% are presented as not meaningful.