Schwab (SCHW) Reports Improvement In November Client Assets
Zacks Investment Research | Dec 15, 2019 08:09PM ET
Charles Schwab (NYSE:SCHW) has released the monthly activity report for November 2019. Total client assets were $3.94 trillion, up 2% from October and 15% from the year-ago month.
Client assets receiving ongoing advisory services were $2.06 trillion, up 2% from the prior month and 15% year over year. Net new assets of $12 billion, however,declined 66% from the previous month and 23% year over year.
Schwab’s average interest earning assets were $268.3 billion at the end of November, up 1% from both October 2019 andNovember 2018. The company opened 127,000 new brokerage accounts in the reported month, down 11% sequentially but up10% year over year.
Schwab’s active brokerage accounts totaled 12.2 million at the end of November, on par with the October 2019 level. The figure was up 6% from the year-ago month.
Further, clients’ banking accounts were 1.4 million, rising 1% from October 2019 and 7% from November 2018. The number of retirement plan participants was relatively on par with the prior-month level but increased 6% year over year to 1.7 million.
Shares of the company have rallied 20.3% so far this year, outperforming18.5% growth recorded by the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.