SCHW Charles Schwab Corporation

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

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• 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