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Schwab Reports Monthly Activity Highlights

The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of May 2023 include:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230614330458/en/

  • Core net new assets brought to the company by new and existing clients totaled $20.7 billion. Net new assets excluding mutual fund clearing totaled $24.5 billion.
  • Total client assets were $7.65 trillion as of month-end May, up 5% from May 2022 and flat compared to April 2023.
  • Client cash as a percentage of assets was 11.5% as of month-end May, compared with 12.0% in May 2022 and 11.3% in April 2023.

Commentary from the CFO

Peter Crawford, Managing Director and Chief Financial Officer, provides additional perspective on client cash realignment trends and second quarter revenue expectations: https://www.aboutschwab.com/cfo-commentary.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 34.3 million active brokerage accounts, 2.4 million corporate retirement plan participants, 1.8 million banking accounts, and $7.65 trillion in client assets as of May 31, 2023. 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 TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation is a wholly owned subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

The Charles Schwab Corporation Monthly Activity Report For May 2023
 

2022

2023

Change
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Mo. Yr.
Market Indices (at month end)
Dow Jones Industrial Average®

32,990

 

30,775

 

32,845

 

31,510

 

28,726

 

32,733

 

34,590

 

33,147

 

34,086

 

32,657

 

33,274

 

34,098

 

32,908

 

(3%)

-

Nasdaq Composite®

12,081

 

11,029

 

12,391

 

11,816

 

10,576

 

10,988

 

11,468

 

10,466

 

11,585

 

11,456

 

12,222

 

12,227

 

12,935

 

6%

7%

Standard & Poor’s® 500

4,132

 

3,785

 

4,130

 

3,955

 

3,586

 

3,872

 

4,080

 

3,840

 

4,077

 

3,970

 

4,109

 

4,169

 

4,180

 

-

1%

Client Assets (in billions of dollars)

 

 

Beginning Client Assets

7,284.4

 

7,301.7

 

6,832.5

 

7,304.8

 

7,127.6

 

6,644.2

 

7,004.6

 

7,320.6

 

7,049.8

 

7,480.6

 

7,380.2

 

7,580.0

 

7,631.5

 

 

 

Net New Assets (1)

32.8

 

19.8

 

31.5

 

43.3

 

39.8

 

42.0

 

33.1

 

53.3

 

36.1

 

41.7

 

72.9

 

13.6

 

24.6

 

81%

(25%)

Net Market (Losses) Gains

(15.5

)

(489.0

)

440.8

 

(220.5

)

(523.2

)

318.4

 

282.9

 

(324.1

)

394.7

 

(142.1

)

126.9

 

37.9

 

(5.9

)

 

 

Total Client Assets (at month end)

7,301.7

 

6,832.5

 

7,304.8

 

7,127.6

 

6,644.2

 

7,004.6

 

7,320.6

 

7,049.8

 

7,480.6

 

7,380.2

 

7,580.0

 

7,631.5

 

7,650.2

 

-

5%

Core Net New Assets (2)

32.8

 

40.6

 

31.5

 

43.3

 

39.8

 

42.0

 

33.1

 

53.3

 

36.1

 

41.7

 

53.9

 

(2.3

)

20.7

 

N/M

(37%)

Receiving Ongoing Advisory Services (at month end)

 

 

Investor Services

513.0

 

483.8

 

514.8

 

499.2

 

466.6

 

487.3

 

514.0

 

499.8

 

524.6

 

515.5

 

526.2

 

530.7

 

526.3

 

(1%)

3%

Advisor Services (3)

3,213.8

 

3,040.4

 

3,222.5

 

3,150.5

 

2,950.9

 

3,106.0

 

3,270.5

 

3,173.4

 

3,345.4

 

3,289.6

 

3,369.3

 

3,394.9

 

3,377.8

 

(1%)

5%

Client Accounts (at month end, in thousands)

 

 

Active Brokerage Accounts (4)

33,822

 

33,896

 

33,934

 

33,984

 

33,875

 

33,896

 

33,636

 

33,758

 

33,878

 

34,010

 

34,120

 

34,248

 

34,311

 

-

1%

Banking Accounts

1,658

 

1,669

 

1,680

 

1,690

 

1,696

 

1,706

 

1,705

 

1,716

 

1,729

 

1,733

 

1,746

 

1,757

 

1,768

 

1%

7%

Corporate Retirement Plan Participants

2,275

 

2,275

 

2,267

 

2,285

 

2,305

 

2,322

 

2,336

 

2,351

 

2,369

 

2,384

 

2,379

 

2,391

 

2,401

 

-

6%

Client Activity

 

 

New Brokerage Accounts (in thousands)

323

 

305

 

278

 

332

 

287

 

298

 

303

 

330

 

344

 

320

 

378

 

331

 

314

 

(5%)

(3%)

Client Cash as a Percentage of Client Assets (5)

12.0

%

12.8

%

12.0

%

12.1

%

12.9

%

12.2

%

11.5

%

12.3

%

11.6

%

11.7

%

11.6

%

11.3

%

11.5

%

20 bp

(50) bp

Derivative Trades as a Percentage of Total Trades

22.6

%

22.3

%

24.2

%

23.3

%

23.6

%

24.1

%

24.6

%

23.2

%

23.0

%

23.5

%

22.8

%

23.4

%

23.5

%

10 bp

90 bp

Selected Average Balances (in millions of dollars)

 

 

Average Interest-Earning Assets (6)

620,157

 

614,100

 

605,751

 

586,154

 

568,351

 

552,631

 

527,019

 

520,100

 

512,893

 

503,122

 

497,627

 

493,215

 

483,438

 

(2%)

(22%)

Average Margin Balances

78,841

 

74,577

 

72,177

 

72,855

 

73,224

 

69,188

 

66,011

 

64,759

 

60,211

 

60,575

 

60,848

 

60,338

 

60,250

 

-

(24%)

Average Bank Deposit Account Balances (7)

154,669

 

155,306

 

154,542

 

148,427

 

141,198

 

136,036

 

130,479

 

126,953

 

122,387

 

115,816

 

109,392

 

104,775

 

103,149

 

(2%)

(33%)

Mutual Fund and Exchange-Traded Fund

 

 

Net Buys (Sells) (8,9) (in millions of dollars)

 

 

Equities

1,889

 

(1,586

)

5,589

 

10,465

 

(2,662

)

3,984

 

3,777

 

(1,837

)

7,236

 

5,850

 

(3,234

)

1,126

 

(1,366

)

 

 

Hybrid

(1,718

)

(1,054

)

(2,041

)

(783

)

(938

)

(1,380

)

(2,052

)

(1,595

)

(433

)

47

 

(1,641

)

(462

)

(889

)

 

 

Bonds

(6,121

)

(5,631

)

729

 

(141

)

(5,801

)

(7,218

)

(3,721

)

(3,260

)

5,646

 

4,281

 

6,158

 

2,575

 

2,029

 

 

 

Net Buy (Sell) Activity (in millions of dollars)

 

 

Mutual Funds (8)

(20,761

)

(16,258

)

(8,674

)

(7,117

)

(15,200

)

(18,473

)

(17,143

)

(21,851

)

552

 

(2,338

)

(7,423

)

(4,904

)

(7,157

)

 

 

Exchange-Traded Funds (9)

14,811

 

7,987

 

12,951

 

16,658

 

5,799

 

13,859

 

15,147

 

15,159

 

11,897

 

12,516

 

8,706

 

8,143

 

6,931

 

 

 

Money Market Funds

7,106

 

11,544

 

13,711

 

19,702

 

17,018

 

21,542

 

16,929

 

27,778

 

24,285

 

23,347

 

27,106

 

6,291

 

15,256

 

 

 

  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 Certificates of Deposit (CDs) - including March 2023 which reflects inflows of $19.0 billion from off-platform Schwab Bank Retail CDs issued year-to-date through March 31, 2023. April 2023 also includes an inflow of $12.0 billion from a mutual fund clearing services client. June 2022 includes an outflow of $20.8 billion from a mutual fund clearing services client.

(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)

  November 2022 includes the company-initiated closure of approximately 350 thousand low-balance accounts. September 2022 includes the company-initiated closure of approximately 152 thousand low-balance accounts.

(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. November 2022 includes the impact of transferring certain investment securities from the available for sale category to the held-to-maturity category.

(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.
  N/M - Not meaningful. Percentage changes greater than 200% are presented as not meaningful.

 

Contacts

MEDIA:

Mayura Hooper

Charles Schwab

Phone: 415-667-1525

INVESTORS/ANALYSTS:

Jeff Edwards

Charles Schwab

Phone: 415-667-1524

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