Schwab Reports Monthly Activity Highlights

WESTLAKE, Texas--(BUSINESS WIRE)-- The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of July 2024 include:

• Core net new assets brought to the company by new and existing clients totaled $29.0 billion – more than double July 2023 asset gathering levels.
• Total client assets were $9.57 trillion as of month-end July, up 16% from July 2023 and up 2% compared to June 2024.
• New brokerage accounts totaled 327 thousand in July, an increase of 8% and 5% versus July 2023 and June 2024, respectively.
• Transactional sweep cash finished July 2024 at $371.8 billion, down approximately 1% versus June 2024. While client engagement in the markets remained strong through July, the combined month-over-month decline in bank sweep deposits and broker-dealer cash balances was less than $1 billion.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 35.7 million active brokerage accounts, 5.4 million workplace plan participant accounts, 1.9 million banking accounts, and $9.57 trillion in client assets as of July 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 July 2024
			2023																		2024																					Change
			Jul			Aug			Sep			Oct			Nov			Dec			Jan			Feb			Mar			Apr			May			Jun			Jul			Mo.		Yr.
Market Indices (at month end)
Dow Jones Industrial Average®			35,560			34,722			33,508			33,053			35,951			37,690			38,150			38,996			39,807			37,816			38,686			39,119			40,843			4	%	15	%
Nasdaq Composite®			14,346			14,035			13,219			12,851			14,226			15,011			15,164			16,092			16,379			15,658			16,735			17,733			17,599			(1	%)	23	%
Standard & Poor’s® 500			4,589			4,508			4,288			4,194			4,568			4,770			4,846			5,096			5,254			5,036			5,278			5,460			5,522			1	%	20	%
Client Assets (in billions of dollars)
Beginning Client Assets			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			9,206.3			9,407.5
Net New Assets (1)			12.9			8.1			27.2			5.0			19.2			42.1			14.8			31.7			41.7			10.0			31.0			33.2			29.0			(13	%)	125	%
Net Market Gains (Losses)			212.3			(154.4	)		(297.4	)		(176.1	)		508.0			293.9			26.7			289.7			197.2			(280.9	)		327.8			168.0			135.6
Total Client Assets (at month end)			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			9,206.3			9,407.5			9,572.1			2	%	16	%
Core Net New Assets (1,2)			13.7			4.9			27.1			11.3			21.7			43.1			17.2			33.4			45.0			1.0			31.1			29.1			29.0			-		112	%
Receiving Ongoing Advisory Services (at month end)
Investor Services			560.6			552.2			533.0			522.2			557.0			581.4			584.1			601.8			618.5			602.2			624.0			632.9			649.1			3	%	16	%
Advisor Services (3)			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			4,027.3			4,090.0			4,185.4			2	%	16	%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts			34,434			34,440			34,540			34,571			34,672			34,838			35,017			35,127			35,301			35,426			35,524			35,612			35,743			-		4	%
Banking Accounts			1,792			1,798			1,799			1,812			1,825			1,838			1,856			1,871			1,885			1,901			1,916			1,931			1,937			-		8	%
Workplace Plan Participant Accounts (4)			5,030			5,037			5,141			5,212			5,212			5,221			5,226			5,268			5,277			5,282			5,345			5,363			5,382			-		7	%
Client Activity
New Brokerage Accounts (in thousands)			303			311			280			284			286			340			366			345			383			361			314			310			327			5	%	8	%
Client Cash as a Percentage of Client Assets (5)			10.2	%		10.4	%		10.8	%		11.2	%		10.7	%		10.5	%		10.5	%		10.2	%		10.0	%		10.2	%		9.9	%		9.7	%		9.6	%		(10) bp		(60) bp
Derivative Trades as a Percentage of Total Trades			23.0	%		24.4	%		24.2	%		23.2	%		23.1	%		21.8	%		21.8	%		22.2	%		21.9	%		22.1	%		21.9	%		21.3	%		21.2	%		(10) bp		(180) bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets (6)			466,659			449,483			444,864			438,522			439,118			446,305			443,694			434,822			431,456			423,532			415,950			417,150			417,379			-		(11	%)
Average Margin Balances			63,040			64,226			64,014			63,946			61,502			62,309			61,368			63,600			66,425			68,827			67,614			69,730			73,206			5	%	16	%
Average Bank Deposit Account Balances (7)			102,566			101,928			100,404			97,893			94,991			95,518			95,553			92,075			90,774			88,819			86,844			85,195			83,979			(1	%)	(18	%)
Mutual Fund and Exchange-Traded Fund
Net Buys (Sells) (8,9) (in millions of dollars)
Equities			7,423			(278	)		675			(3,039	)		6,099			7,903			8,182			7,624			10,379			3,472			5,734			3,379			10,908
Hybrid			(407	)		(1,037	)		(828	)		(1,457	)		(1,466	)		(1,596	)		(501	)		(1,330	)		(439	)		(703	)		(558	)		(843	)		(1,155	)
Bonds			2,515			4,696			2,723			1,094			255			6,104			7,510			9,883			7,561			5,949			5,854			6,346			8,651
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds (8)			(3,333	)		(6,476	)		(5,853	)		(12,245	)		(9,267	)		(7,406	)		(966	)		(1,348	)		(1,607	)		(4,818	)		(5,544	)		(4,254	)		(4,679	)
Exchange-Traded Funds (9)			12,864			9,857			8,423			8,843			14,155			19,817			16,157			17,525			19,108			13,536			16,574			13,136			23,083
Money Market Funds			7,911			16,869			13,388			16,976			11,670			7,745			11,717			10,129			9,085			(2,357	)		9,790			3,858			9,110

	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.
(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)	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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240814857559/en/

MEDIA:

Mayura Hooper

Charles Schwab

Phone: 415-667-1525

INVESTORS/ANALYSTS:

Jeff Edwards

Charles Schwab

Phone: 817-854-6177

Source: The Charles Schwab Corporation