Charles Schwab (SCHW) Reports April 2024 Monthly Activity

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The Charles Schwab Corporation (NYSE: SCHW) 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.