Charles Schwab reports client assets $7.65T up 9% YoY

The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of October 2023 include: Core net new assets brought to the company excluding Ameritrade brokerage originated clients equaled $16.1B for the month, while total core net new assets across all clients totaled $11.3B in October. These flows reflect expected attrition from former Ameritrade clients as well as delayed tax disbursements by clients in certain states such as California. Total client assets were $7.65 T as of month-end October, up 9% from October 2022 and down 2% compared to September 2023. Client cash on the balance sheet plus bank deposit account balances ended the month at $397.9 B, as client tax disbursements and seasonal advisory fee payments influenced the October trend. Equaling 5.2% at October month-end, the ratio of transactional sweep cash to total client assets has remained relatively stable since July.