The Charles Schwab Corporation released its Monthly Activity
Report today. Company highlights for the month of November 2024
include:
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- Core net new assets brought to the company by new and existing
clients totaled $28.8 billion. Net new assets excluding mutual fund
clearing totaled $24.1 billion.
- Total client assets equaled $10.31 trillion as of month-end
November, up 26% from November 2023 and up 5% compared to October
2024.
- Transactional sweep cash ended November at $393.7 billion – or
flat versus the prior month.
- Driven primarily by equity volumes, November daily average
trades increased by 20% month-over-month to 6.6 million.
- Full-year 2024 net revenue is currently expected to grow by
3.0% to 3.5% versus the prior year, reflecting a combination of
increased investor engagement, post-election equity market
strength, and the continued stabilization of client transactional
sweep cash balances. This represents an improvement from the 2.0%
to 3.0% revenue growth range previously communicated at the Fall
Business Update in October.
Forward-Looking Statements
This press release contains forward-looking statements relating
to 2024 net revenue. These forward-looking statements reflect
management’s expectations as of the date hereof. Achievement of
these expectations and objectives is subject to risks and
uncertainties that could cause actual results to differ materially
from the expressed expectations. Important factors that may cause
such differences are described in the company’s most recent reports
on Form 10-K and Form 10-Q, which have been filed with the
Securities and Exchange Commission and are available on the
company’s website (https://www.aboutschwab.com/financial-reports)
and on the Securities and Exchange Commission’s website
(https://www.sec.gov). The company makes no commitment to update
any forward-looking statements.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 36.2 million active brokerage
accounts, 5.4 million workplace plan participant accounts, 2.0
million banking accounts, and $10.31 trillion in client assets as
of November 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 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
November 2024
2023
2024
Change Nov Dec
Jan Feb Mar
Apr May Jun
Jul Aug Sep
Oct Nov Mo.
Yr. Market Indices (at month
end) Dow Jones Industrial Average®
35,951
37,690
38,150
38,996
39,807
37,816
38,686
39,119
40,843
41,563
42,330
41,763
44,911
8%
25%
Nasdaq Composite®
14,226
15,011
15,164
16,092
16,379
15,658
16,735
17,733
17,599
17,714
18,189
18,095
19,218
6%
35%
Standard & Poor’s® 500
4,568
4,770
4,846
5,096
5,254
5,036
5,278
5,460
5,522
5,648
5,762
5,705
6,032
6%
32%
Client Assets (in billions of dollars)
Beginning Client Assets
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
Net New Assets (1)
19.2
42.1
14.8
31.7
41.7
10.0
31.0
33.2
29.0
31.5
30.3
22.7
25.5
12%
33%
Net Market Gains (Losses)
508.0
293.9
26.7
289.7
197.2
(280.9
)
327.8
168.0
135.6
134.1
152.5
(91.2
)
427.9
Total Client Assets (at month end)
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
10,305.4
5%
26%
Core Net New Assets (1,2)
21.7
43.1
17.2
33.4
45.0
1.0
31.1
29.1
29.0
32.8
33.5
24.6
28.8
17%
33%
Receiving Ongoing Advisory Services (at month end)
Investor Services
557.0
581.4
584.1
601.8
618.5
602.2
624.0
632.9
649.1
663.7
675.1
665.6
688.9
4%
24%
Advisor Services (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
4,489.2
4%
25%
Client Accounts (at month end, in thousands)
Active Brokerage Accounts
34,672
34,838
35,017
35,127
35,301
35,426
35,524
35,612
35,743
35,859
35,982
36,073
36,222
-
4%
Banking Accounts
1,825
1,838
1,856
1,871
1,885
1,901
1,916
1,931
1,937
1,940
1,954
1,967
1,980
1%
8%
Workplace Plan Participant Accounts (4)
5,212
5,221
5,226
5,268
5,277
5,282
5,345
5,363
5,382
5,373
5,388
5,407
5,393
-
3%
Client Activity
New Brokerage Accounts (in thousands)
286
340
366
345
383
361
314
310
327
324
321
331
357
8%
25%
Client Cash as a Percentage of Client Assets (5)
10.7
%
10.5
%
10.5
%
10.2
%
10.0
%
10.2
%
9.9
%
9.7
%
9.6
%
9.5
%
9.5
%
9.8
%
9.5
%
(30) bp
(120) bp
Derivative Trades as a Percentage of Total Trades
23.1
%
21.8
%
21.8
%
22.2
%
21.9
%
22.1
%
21.9
%
21.3
%
21.2
%
20.8
%
21.5
%
21.4
%
19.7
%
(170) bp
(340) bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets (6)
439,118
446,305
443,694
434,822
431,456
423,532
415,950
417,150
417,379
420,191
420,203
422,327
425,789
1%
(3%)
Average Margin Balances
61,502
62,309
61,368
63,600
66,425
68,827
67,614
69,730
73,206
73,326
72,755
74,105
76,932
4%
25%
Average Bank Deposit Account Balances (7)
94,991
95,518
95,553
92,075
90,774
88,819
86,844
85,195
83,979
82,806
82,336
83,261
84,385
1%
(11%)
Mutual Fund and Exchange-Traded Fund Net Buys (Sells)
(8,9) (in millions of dollars) Equities
6,099
7,903
8,182
7,624
10,379
3,472
5,734
3,379
10,908
5,609
5,217
7,176
13,226
Hybrid
(1,466
)
(1,596
)
(501
)
(1,330
)
(439
)
(703
)
(558
)
(843
)
(1,155
)
(1,377
)
(432
)
(1,397
)
(329
)
Bonds
255
6,104
7,510
9,883
7,561
5,949
5,854
6,346
8,651
10,919
11,015
10,442
7,473
Net Buy (Sell) Activity (in millions of dollars) Mutual
Funds (8)
(9,267
)
(7,406
)
(966
)
(1,348
)
(1,607
)
(4,818
)
(5,544
)
(4,254
)
(4,679
)
(4,003
)
(1,261
)
(4,905
)
(4,492
)
Exchange-Traded Funds (9)
14,155
19,817
16,157
17,525
19,108
13,536
16,574
13,136
23,083
19,154
17,061
21,126
24,862
Money Market Funds
11,670
7,745
11,717
10,129
9,085
(2,357
)
9,790
3,858
9,110
8,048
9,672
11,032
9,172
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, $0.3 billion in October, and $0.6 billion in
November. 2023 also includes outflows from a large international
relationship of $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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241213004830/en/
MEDIA: Mayura Hooper Charles Schwab Phone:
415-667-1525
INVESTORS/ANALYSTS: Jeff Edwards Charles Schwab Phone:
817-854-6177
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