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