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Schwab Assets Surge: Record October for New Clients
28 Nov
Summary
- Core net new assets reached a record $44.4 billion in October.
- Total client assets climbed 20% year-over-year to $11.83 trillion.
- New brokerage accounts rose 30% to 429,000 in October.
The Charles Schwab Corporation experienced exceptional growth in October, marked by a record $44.4 billion in core net new assets, an 80% increase over the prior year. This surge in client deposits highlights strong investor confidence and the company's expanding reach.
Overall client assets also demonstrated impressive momentum, climbing 20% year-over-year to $11.83 trillion. The number of new brokerage accounts opened during the month showed similar positive trends, with a 30% rise to 429,000, underscoring Schwab's success in attracting new investors.
Management further noted an acceleration in investor engagement, with average margin loan balances increasing by 7% from September and daily average trades reaching 8.6 million. These figures collectively paint a picture of a thriving financial services institution.
