Schwab (SCHW) Reports Monthly Activity Highlights

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May 13, 2022 8:47 AM EDT

The Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of April 2022 include:

  • Core net new assets brought to the company by new and existing clients totaled negative $9.2 billion. Net new assets excluding mutual fund clearing totaled negative $6.5 billion. These flows reflect client cash disbursements during tax season.
  • Total client assets were $7.28 trillion as of month-end April, down 1% from April 2021 and down 7% compared to March 2022.
  • Average interest-earning assets were $636.7 billion in April, up 21% from April 2021 and down 1% compared to March 2022.

CFO Peter Crawford commented, “Client cash disbursements during this year’s tax season were the highest we’ve ever seen at Schwab. These outflows include the impact of client portfolio actions taken during 2021, a year marked by strong equity market performance and robust trading activity. Such seasonal activity is distinct from flows within client accounts rebalancing their cash positions between daily liquidity and investments such as money market funds. This rebalancing, or sorting, activity tends to occur as an extended period of low interest rates shifts into a rising rate environment and clients refresh their allocations.”

“While the Federal Reserve has taken initial steps to move interest rates higher thus far in 2022, short rates are just now approaching the point where we’d expect to see clients start to rebalance their cash positions,” Mr. Crawford continued. “Assuming the Fed’s tightening cycle remains consistent with current forecasts, we believe we could see rebalancing activity begin to surface before the end of the second quarter. Such actions may lead to a slight decline in balance sheet assets from current levels over the next quarter or two (assuming clients don’t meaningfully shift their investments from equities to cash). As we help clients navigate this environment, we remain confident that the successful execution of our 'Through Clients’ Eyes' strategy, coupled with our all-weather financial model, will support strong long-term growth - in our client base, and in value for our stockholders.”

The Charles Schwab Corporation Monthly Activity Report For April 2022

2021

2022

Change

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Mo.

Yr.

Market Indices (at month end)
Dow Jones Industrial Average®

33,875

34,529

34,503

34,935

35,361

33,844

35,820

34,484

36,338

35,132

33,893

34,678

32,977

(5

%)

(3

%)

Nasdaq Composite®

13,963

13,749

14,504

14,673

15,259

14,449

15,498

15,538

15,645

14,240

13,751

14,221

12,335

(13

%)

(12

%)

Standard & Poor’s® 500

4,181

4,204

4,298

4,395

4,523

4,308

4,605

4,567

4,766

4,516

4,374

4,530

4,132

(9

%)

(1

%)

Client Assets (in billions of dollars)
Beginning Client Assets

7,069.1

7,336.1

7,395.7

7,574.8

7,642.7

7,838.2

7,614.0

7,982.3

7,918.3

8,138.0

7,803.8

7,686.6

7,862.1
Net New Assets (1)

37.2

28.1

43.5

44.3

51.8

42.9

22.9

31.4

80.3

33.6

40.6

46.3

(9.2

)

(120

%)

(125

%)

Net Market Gains (Losses)

229.8

31.5

135.6

23.6

143.7

(267.1

)

345.4

(95.4

)

139.4

(367.8

)

(157.8

)

129.2

(568.5

)
Total Client Assets (at month end)

7,336.1

7,395.7

7,574.8

7,642.7

7,838.2

7,614.0

7,982.3

7,918.3

8,138.0

7,803.8

7,686.6

7,862.1

7,284.4

(7

%)

(1

%)

Core Net New Assets (2)

37.2

28.1

43.5

44.3

51.8

42.9

36.8

45.1

80.3

33.6

40.6

46.3

(9.2

)

(120

%)

(125

%)

Receiving Ongoing Advisory Services (at month end)
Investor Services

511.1

517.8

525.1

531.9

542.5

530.1

548.3

543.1

559.2

541.9

533.7

538.9

509.3

(5

%)

-

Advisor Services (3)

3,112.5

3,150.4

3,209.3

3,256.5

3,333.4

3,253.2

3,399.8

3,374.3

3,505.2

3,382.4

3,342.5

3,404.6

3,190.5

(6

%)

3

%

Client Accounts (at month end, in thousands)
Active Brokerage Accounts

31,877

32,110

32,265

32,386

32,513

32,675

32,796

32,942

33,165

33,308

33,421

33,577

33,759

1

%

6

%

Banking Accounts

1,562

1,584

1,574

1,578

1,594

1,580

1,593

1,608

1,614

1,628

1,641

1,641

1,652

1

%

6

%

Corporate Retirement Plan Participants

2,116

2,130

2,149

2,159

2,188

2,207

2,213

2,198

2,200

2,216

2,235

2,246

2,261

1

%

7

%

Client Activity
New Brokerage Accounts (in thousands)

609

549

499

402

402

374

397

448

473

426

356

420

386

(8

%)

(37

%)

Client Cash as a Percentage of Client Assets (4)

10.9

%

10.8

%

10.5

%

10.4

%

10.3

%

10.8

%

10.4

%

10.5

%

10.9

%

11.3

%

11.5

%

11.4

%

11.9

%

50 bp

100 bp

Derivative Trades as a Percentage of Total Trades

20.4

%

20.9

%

20.6

%

22.2

%

23.1

%

23.1

%

22.5

%

23.4

%

23.0

%

22.4

%

24.0

%

22.4

%

21.9

%

(50) bp

150 bp

Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets (5)

527,194

528,642

536,146

546,579

552,372

565,379

574,181

584,362

605,709

622,997

629,042

644,768

636,668

(1

%)

21

%

Average Margin Balances

72,863

75,921

78,410

79,910

81,021

81,705

83,835

87,311

88,328

86,737

84,354

81,526

83,762

3

%

15

%

Average Bank Deposit Account Balances (6)

162,392

160,459

161,377

151,275

150,896

152,330

154,040

153,877

154,918

157,706

153,824

155,657

152,653

(2

%)

(6

%)

Mutual Fund and Exchange-Traded Fund
Net Buys (Sells) (7,8) (in millions of dollars)
Equities

13,422

9,854

10,873

7,418

8,808

7,596

8,840

13,099

11,519

7,384

9,371

14,177

(786

)
Hybrid

877

1

390

666

569

335

81

308

(1,207

)

(367

)

(478

)

(497

)

(529

)
Bonds

8,940

5,906

10,101

6,917

8,044

6,232

4,425

4,097

5,600

1,804

(1,973

)

(7,851

)

(6,933

)
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds (7)

5,754

2,022

5,872

2,644

3,876

(308

)

302

189

(2,859

)

(4,961

)

(6,318

)

(11,888

)

(16,657

)
Exchange-Traded Funds (8)

17,485

13,739

15,492

12,357

13,545

14,471

13,044

17,315

18,771

13,782

13,238

17,717

8,409
Money Market Funds

(5,153

)

(3,988

)

(3,806

)

(2,501

)

(1,372

)

(1,512

)

(451

)

(1,725

)

(144

)

(1,984

)

(1,086

)

(1,344

)

(3,430

)

Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports.

(1)

November 2021 includes an outflow of $13.7 billion from a mutual fund clearing services client. October 2021 includes an outflow of $13.9 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)

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

(5)

Represents average total interest-earning assets on the company's balance sheet.

(6)

Represents average TD Ameritrade clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.

(7)

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.

(8)

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


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