Financial News
Schwab Reports Monthly Activity Highlights
The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of April 2024 include:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240514723050/en/
- Total net new assets brought to the company by new and existing clients in April 2024 totaled $10.0 billion, while core net new assets equaled $1.0 billion. These flows reflect client cash disbursements during tax season.
- Total client assets were $8.85 trillion as of month-end April, up 16% from April 2023 and down 3% versus March 2024.
- Transactional sweep cash declined by 3% to end April 2024 at $387.7 billion. This month-over-month drawdown was driven by several anticipated factors, including client tax disbursements and seasonal advisory fee payments.
- Last weekend, Schwab successfully completed the final Ameritrade client conversion, marking the completion of a historic integration. We are pleased to report that the client account and asset conversion went smoothly. The company will share additional perspectives on this tremendous milestone during its Institutional Investor Day scheduled for Wednesday, May 22.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 35.4 million active brokerage accounts, 5.3 million workplace plan participant accounts, 1.9 million banking accounts, and $8.85 trillion in client assets as of April 30, 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 subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, https://www.sipc.org), and their 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. TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but affiliated companies and subsidiaries of Ameritrade Holding LLC. Ameritrade Holding LLC is a wholly owned subsidiary of The Charles Schwab Corporation.
| The Charles Schwab Corporation Monthly Activity Report For April 2024 | |||||||||||||||||||||||||||||||||||||||||||||
2023 |
2024 |
Change | |||||||||||||||||||||||||||||||||||||||||||
| Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | Mo. | Yr. | |||||||||||||||||||||||||||||||
| Market Indices (at month end) | |||||||||||||||||||||||||||||||||||||||||||||
| Dow Jones Industrial Average® | 34,098 |
|
32,908 |
|
34,408 |
|
35,560 |
|
34,722 |
|
33,508 |
|
33,053 |
|
35,951 |
|
37,690 |
|
38,150 |
|
38,996 |
|
39,807 |
|
37,816 |
|
(5 |
%) |
11 |
% |
|||||||||||||||
| Nasdaq Composite® | 12,227 |
|
12,935 |
|
13,788 |
|
14,346 |
|
14,035 |
|
13,219 |
|
12,851 |
|
14,226 |
|
15,011 |
|
15,164 |
|
16,092 |
|
16,379 |
|
15,658 |
|
(4 |
%) |
28 |
% |
|||||||||||||||
| Standard & Poor’s® 500 | 4,169 |
|
4,180 |
|
4,450 |
|
4,589 |
|
4,508 |
|
4,288 |
|
4,194 |
|
4,568 |
|
4,770 |
|
4,846 |
|
5,096 |
|
5,254 |
|
5,036 |
|
(4 |
%) |
21 |
% |
|||||||||||||||
| Client Assets (in billions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||
| Beginning Client Assets | 7,580.0 |
|
7,631.5 |
|
7,650.2 |
|
8,015.8 |
|
8,241.0 |
|
8,094.7 |
|
7,824.5 |
|
7,653.4 |
|
8,180.6 |
|
8,516.6 |
|
8,558.1 |
|
8,879.5 |
|
9,118.4 |
|
|||||||||||||||||||
| Net New Assets (1) | 13.6 |
|
24.6 |
|
33.8 |
|
12.9 |
|
8.1 |
|
27.2 |
|
5.0 |
|
19.2 |
|
42.1 |
|
14.8 |
|
31.7 |
|
41.7 |
|
10.0 |
|
(76 |
%) |
(26 |
%) |
|||||||||||||||
| Net Market Gains (Losses) | 37.9 |
|
(5.9 |
) |
331.8 |
|
212.3 |
|
(154.4 |
) |
(297.4 |
) |
(176.1 |
) |
508.0 |
|
293.9 |
|
26.7 |
|
289.7 |
|
197.2 |
|
(280.9 |
) |
|||||||||||||||||||
| Total Client Assets (at month end) | 7,631.5 |
|
7,650.2 |
|
8,015.8 |
|
8,241.0 |
|
8,094.7 |
|
7,824.5 |
|
7,653.4 |
|
8,180.6 |
|
8,516.6 |
|
8,558.1 |
|
8,879.5 |
|
9,118.4 |
|
8,847.5 |
|
(3 |
%) |
16 |
% |
|||||||||||||||
| Core Net New Assets (1,2) | (2.3 |
) |
20.7 |
|
33.8 |
|
13.7 |
|
4.9 |
|
27.1 |
|
11.3 |
|
21.7 |
|
43.1 |
|
17.2 |
|
33.4 |
|
45.0 |
|
1.0 |
|
(98 |
%) |
143 |
% |
|||||||||||||||
| Receiving Ongoing Advisory Services (at month end) | |||||||||||||||||||||||||||||||||||||||||||||
| Investor Services | 530.7 |
|
526.3 |
|
547.5 |
|
560.6 |
|
552.2 |
|
533.0 |
|
522.2 |
|
557.0 |
|
581.4 |
|
584.1 |
|
601.8 |
|
618.5 |
|
602.2 |
|
(3 |
%) |
13 |
% |
|||||||||||||||
| Advisor Services (3) | 3,394.9 |
|
3,377.8 |
|
3,527.8 |
|
3,619.8 |
|
3,554.2 |
|
3,448.0 |
|
3,380.3 |
|
3,604.4 |
|
3,757.4 |
|
3,780.4 |
|
3,902.5 |
|
4,009.5 |
|
3,893.9 |
|
(3 |
%) |
15 |
% |
|||||||||||||||
| Client Accounts (at month end, in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
| Active Brokerage Accounts | 34,248 |
|
34,311 |
|
34,382 |
|
34,434 |
|
34,440 |
|
34,540 |
|
34,571 |
|
34,672 |
|
34,838 |
|
35,017 |
|
35,127 |
|
35,301 |
|
35,426 |
|
- |
|
3 |
% |
|||||||||||||||
| Banking Accounts | 1,757 |
|
1,768 |
|
1,781 |
|
1,792 |
|
1,798 |
|
1,799 |
|
1,812 |
|
1,825 |
|
1,838 |
|
1,856 |
|
1,871 |
|
1,885 |
|
1,901 |
|
1 |
% |
8 |
% |
|||||||||||||||
| Workplace Plan Participant Accounts (4) | 4,869 |
|
4,962 |
|
5,003 |
|
5,030 |
|
5,037 |
|
5,141 |
|
5,212 |
|
5,212 |
|
5,221 |
|
5,226 |
|
5,268 |
|
5,277 |
|
5,282 |
|
- |
|
8 |
% |
|||||||||||||||
| Client Activity | |||||||||||||||||||||||||||||||||||||||||||||
| New Brokerage Accounts (in thousands) | 331 |
|
314 |
|
315 |
|
303 |
|
311 |
|
280 |
|
284 |
|
286 |
|
340 |
|
366 |
|
345 |
|
383 |
|
361 |
|
(6 |
%) |
9 |
% |
|||||||||||||||
| Client Cash as a Percentage of Client Assets (5,6) | 10.8 |
% |
10.9 |
% |
10.5 |
% |
10.2 |
% |
10.4 |
% |
10.8 |
% |
11.2 |
% |
10.7 |
% |
10.5 |
% |
10.5 |
% |
10.2 |
% |
10.0 |
% |
10.2 |
% |
20 bp | (60) bp | |||||||||||||||||
| Derivative Trades as a Percentage of Total Trades | 23.4 |
% |
23.5 |
% |
23.9 |
% |
23.0 |
% |
24.4 |
% |
24.2 |
% |
23.2 |
% |
23.1 |
% |
21.8 |
% |
21.8 |
% |
22.2 |
% |
21.9 |
% |
22.1 |
% |
20 bp | (130) bp | |||||||||||||||||
| Selected Average Balances (in millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||
| Average Interest-Earning Assets (7) | 493,215 |
|
483,438 |
|
479,752 |
|
466,659 |
|
449,483 |
|
444,864 |
|
438,522 |
|
439,118 |
|
446,305 |
|
443,694 |
|
434,822 |
|
431,456 |
|
423,532 |
|
(2 |
%) |
(14 |
%) |
|||||||||||||||
| Average Margin Balances | 60,338 |
|
60,250 |
|
61,543 |
|
63,040 |
|
64,226 |
|
64,014 |
|
63,946 |
|
61,502 |
|
62,309 |
|
61,368 |
|
63,600 |
|
66,425 |
|
68,827 |
|
4 |
% |
14 |
% |
|||||||||||||||
| Average Bank Deposit Account Balances (8) | 104,775 |
|
103,149 |
|
102,917 |
|
102,566 |
|
101,928 |
|
100,404 |
|
97,893 |
|
94,991 |
|
95,518 |
|
95,553 |
|
92,075 |
|
90,774 |
|
88,819 |
|
(2 |
%) |
(15 |
%) |
|||||||||||||||
| Mutual Fund and Exchange-Traded Fund | |||||||||||||||||||||||||||||||||||||||||||||
| Net Buys (Sells) (9,10) (in millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||
| Equities | 1,126 |
|
(1,366 |
) |
9,190 |
|
7,423 |
|
(278 |
) |
675 |
|
(3,039 |
) |
6,099 |
|
7,903 |
|
8,182 |
|
7,624 |
|
10,379 |
|
3,472 |
|
|||||||||||||||||||
| Hybrid | (462 |
) |
(889 |
) |
(903 |
) |
(407 |
) |
(1,037 |
) |
(828 |
) |
(1,457 |
) |
(1,466 |
) |
(1,596 |
) |
(501 |
) |
(1,330 |
) |
(439 |
) |
(703 |
) |
|||||||||||||||||||
| Bonds | 2,575 |
|
2,029 |
|
3,302 |
|
2,515 |
|
4,696 |
|
2,723 |
|
1,094 |
|
255 |
|
6,104 |
|
7,510 |
|
9,883 |
|
7,561 |
|
5,949 |
|
|||||||||||||||||||
| Net Buy (Sell) Activity (in millions of dollars) | |||||||||||||||||||||||||||||||||||||||||||||
| Mutual Funds (9) | (4,904 |
) |
(7,157 |
) |
(4,485 |
) |
(3,333 |
) |
(6,476 |
) |
(5,853 |
) |
(12,245 |
) |
(9,267 |
) |
(7,406 |
) |
(966 |
) |
(1,348 |
) |
(1,607 |
) |
(4,818 |
) |
|||||||||||||||||||
| Exchange-Traded Funds (10) | 8,143 |
|
6,931 |
|
16,074 |
|
12,864 |
|
9,857 |
|
8,423 |
|
8,843 |
|
14,155 |
|
19,817 |
|
16,157 |
|
17,525 |
|
19,108 |
|
13,536 |
|
|||||||||||||||||||
| Money Market Funds | 6,291 |
|
15,256 |
|
9,112 |
|
7,911 |
|
16,869 |
|
13,388 |
|
16,976 |
|
11,670 |
|
7,745 |
|
11,717 |
|
10,129 |
|
9,085 |
|
(2,357 |
) |
|||||||||||||||||||
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. Additionally, 2024 includes an inflow of $10.3 billion from a mutual fund clearing services client in April, and 2023 includes outflows from a large international relationship of $0.8 billion in September, $6.2 billion in October, $5.4 billion in November, and $0.6 billion in December, and an inflow of $12.0 billion from a mutual fund clearing services client in April. |
(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) |
Beginning October 2023, Retirement Plan Participants was expanded to include accounts in Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. Prior periods have been recast to reflect this change. |
(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. |
(6) |
Beginning July 2023, client cash as a percentage of client assets excludes brokered CDs issued by Charles Schwab Bank. Prior periods have been recast to reflect this change. |
(7) |
Represents average total interest-earning assets on the Company's balance sheet. |
(8) |
Represents average clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions. |
(9) |
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. |
(10) |
Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240514723050/en/
Contacts
MEDIA:
Mayura Hooper
Charles Schwab
Phone: 415-667-1525
INVESTORS/ANALYSTS:
Jeff Edwards
Charles Schwab
Phone: 415-667-1524
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