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Schwab Reports Monthly Activity Highlights

06/12/2020

The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of May 2020 include:

  • Core net new assets brought to the company by new and existing clients totaled $17.6 billion. Core net new assets excluding mutual fund clearing totaled $17.9 billion.
  • Total client assets were $4.01 trillion as of month-end May, up 14% from May 2019 and up 6% compared to April 2020.
  • Client assets receiving ongoing advisory services were $2.05 trillion as of month-end May, up 11% from May 2019 and up 5% compared to April 2020.

Commentary from the CFO

Peter Crawford, Executive Vice President and Chief Financial Officer, provides perspective on The Charles Schwab Corporation’s recently completed acquisition of the assets of USAA’s Investment Management Company at: https://www.aboutschwab.com/cfo-commentary.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with more than 360 offices and 14.0 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.4 million banking accounts, and $4.0 trillion in client assets as of May 31, 2020. 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 subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sipc.org), and 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 banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.schwab.com and https://www.aboutschwab.com.

The Charles Schwab Corporation Monthly Activity Report For May 2020
 

2019

2020

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

24,815

 

26,600

 

26,864

 

26,403

 

26,917

 

27,046

 

28,051

 

28,538

 

28,256

 

25,409

 

21,917

 

24,346

 

25,383

 

4%

 

2%

Nasdaq Composite

7,453

 

8,006

 

8,175

 

7,963

 

7,999

 

8,292

 

8,665

 

8,973

 

9,151

 

8,567

 

7,700

 

8,890

 

9,490

 

7%

 

27%

Standard & Poor’s 500

2,752

 

2,942

 

2,980

 

2,926

 

2,977

 

3,038

 

3,141

 

3,231

 

3,226

 

2,954

 

2,585

 

2,912

 

3,044

 

5%

 

11%

Client Assets (in billions of dollars)

 

 

 

Beginning Client Assets

3,668.5

 

3,530.6

 

3,702.4

 

3,746.7

 

3,716.5

 

3,768.4

 

3,854.6

 

3,942.2

 

4,038.8

 

4,051.6

 

3,862.8

 

3,496.9

 

3,778.3

 

 

 

 

Net New Assets (1)

17.3

 

20.2

 

19.3

 

19.9

 

17.4

 

35.2

 

12.0

 

30.1

 

20.9

 

24.4

 

27.9

 

15.3

 

97.5

 

N/M

 

N/M

Net Market (Losses) Gains

(155.2

)

151.6

 

25.0

 

(50.1

)

34.5

 

51.0

 

75.6

 

66.5

 

(8.1

)

(213.2

)

(393.8

)

266.1

 

133.2

 

 

 

 

Total Client Assets (at month end)

3,530.6

 

3,702.4

 

3,746.7

 

3,716.5

 

3,768.4

 

3,854.6

 

3,942.2

 

4,038.8

 

4,051.6

 

3,862.8

 

3,496.9

 

3,778.3

 

4,009.0

 

6%

 

14%

Core Net New Assets (2)

17.3

 

20.2

 

19.3

 

19.9

 

17.4

 

24.1

 

12.0

 

30.1

 

20.9

 

24.4

 

27.9

 

15.3

 

17.6

 

15%

 

2%

Receiving Ongoing Advisory Services (at month end)

 

 

 

Investor Services

298.5

 

311.6

 

314.8

 

314.2

 

318.5

 

324.6

 

330.8

 

337.1

 

336.8

 

323.2

 

291.5

 

309.9

 

339.8

 

10%

 

14%

Advisor Services (3)

1,554.6

 

1,626.6

 

1,646.1

 

1,635.7

 

1,659.4

 

1,691.6

 

1,728.2

 

1,769.7

 

1,773.2

 

1,694.0

 

1,531.3

 

1,647.9

 

1,711.7

 

4%

 

10%

Client Accounts (at month end, in thousands)

 

 

 

Active Brokerage Accounts

11,929

 

11,967

 

12,026

 

12,085

 

12,118

 

12,189

 

12,247

 

12,333

 

12,431

 

12,521

 

12,736

 

12,866

 

14,007

 

9%

 

17%

Banking Accounts

1,323

 

1,336

 

1,352

 

1,361

 

1,361

 

1,374

 

1,384

 

1,390

 

1,403

 

1,411

 

1,426

 

1,439

 

1,448

 

1%

 

9%

Corporate Retirement Plan Participants

1,699

 

1,698

 

1,701

 

1,711

 

1,718

 

1,735

 

1,743

 

1,748

 

1,732

 

1,726

 

1,721

 

1,696

 

1,714

 

1%

 

1%

Client Activity

 

 

 

New Brokerage Accounts (in thousands) (4)

123

 

116

 

129

 

126

 

108

 

142

 

127

 

164

 

167

 

159

 

283

 

201

 

1,250

 

N/M

 

N/M

Inbound Calls (in thousands)

1,671

 

1,595

 

1,773

 

1,759

 

1,570

 

1,771

 

1,605

 

1,884

 

1,947

 

1,831

 

2,366

 

1,824

 

1,736

 

(5%)

 

4%

Web Logins (in thousands)

61,522

 

60,824

 

65,809

 

63,928

 

63,530

 

72,547

 

66,394

 

69,733

 

77,716

 

76,941

 

97,523

 

92,491

 

93,803

 

1%

 

52%

Client Cash as a Percentage of Client Assets (5)

11.3%

10.9%

11.0%

11.3%

11.4%

11.3%

11.3%

11.3%

11.3%

12.0%

15.1%

14.3%

14.0%

(30) bp

 

270 bp

Mutual Fund and Exchange-Traded Fund

 

 

 

Net Buys (Sells) (6, 7) (in millions of dollars)

 

 

 

Large Capitalization Stock

1,114

 

206

 

717

 

328

 

23

 

900

 

1,406

 

991

 

845

 

(178

)

984

 

(693

)

(768

)

 

 

 

Small / Mid Capitalization Stock

(190

)

18

 

10

 

(374

)

(212

)

(458

)

73

 

201

 

(314

)

(531

)

(954

)

151

 

(401

)

 

 

 

International

(100

)

225

 

744

 

(1,390

)

(355

)

340

 

735

 

993

 

1,360

 

132

 

(2,116

)

(2,207

)

(1,953

)

 

 

 

Specialized

(440

)

341

 

418

 

353

 

583

 

618

 

484

 

455

 

762

 

397

 

333

 

2,059

 

1,512

 

 

 

 

Hybrid

(316

)

(181

)

(366

)

(569

)

(372

)

(202

)

(290

)

(96

)

615

 

(257

)

(4,790

)

(860

)

(518

)

 

 

 

Taxable Bond

1,821

 

2,378

 

3,806

 

2,725

 

2,935

 

2,813

 

2,274

 

4,710

 

5,714

 

3,830

 

(23,142

)

1,642

 

5,469

 

 

 

 

Tax-Free Bond

1,057

 

682

 

960

 

760

 

593

 

809

 

860

 

1,255

 

1,481

 

1,066

 

(5,229

)

(242

)

805

 

 

 

 

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

 

 

 

Mutual Funds (6)

86

 

7

 

2,151

 

(1,281

)

(573

)

(473

)

(761

)

1,097

 

2,684

 

(565

)

(34,382

)

(3,863

)

(564

)

 

 

 

Exchange-Traded Funds (7)

2,860

 

3,662

 

4,138

 

3,114

 

3,768

 

5,293

 

6,303

 

7,412

 

7,779

 

5,024

 

(532

)

3,713

 

4,710

 

 

 

 

Money Market Funds

5,067

 

4,570

 

6,143

 

6,068

 

5,833

 

7,059

 

4,768

 

1,515

 

1,911

 

1,312

 

(1,233

)

8,465

 

4,833

 

 

 

 

Average Interest-Earning Assets (8)

 

 

 

(in millions of dollars)

263,718

 

262,759

 

263,993

 

265,005

 

266,430

 

266,089

 

268,254

 

274,911

 

279,437

 

278,966

 

317,850

 

353,018

 

361,814

 

2%

 

37%

(1)

May 2020 includes inflows of $79.9 billion related to the acquisition of USAA Investment Management Company. October 2019 includes an inflow of $11.1 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. These flows may span multiple reporting periods.

(3)

Excludes Retirement Business Services.

(4)

May 2020 includes 1.1 million new brokerage accounts related to the acquisition of USAA Investment Management Company.

(5)

Schwab One®, certain cash equivalents, bank deposits and money market fund balances as a percentage of total client assets.

(6)

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.

(7)

Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

(8)

Represents average total interest-earning assets on the company's balance sheet.
N/M - Not meaningful

 

MEDIA:
Mayura Hooper
Charles Schwab
Phone: 415-667-1525

INVESTORS/ANALYSTS:
Rich Fowler
Charles Schwab
Phone: 415-667-1841

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