Charles Schwab(US:SCHW) ZACKS·2024-11-15 15:15Core Insights - Charles Schwab (SCHW) reported a significant increase in core net new assets for October 2024, reaching $24.6 billion, up from $11.3 billion in the same month last year, but down from $33.5 billion in September 2024 [1] Group 1: Performance Metrics - Total client assets for SCHW in October 2024 were $9.85 trillion, a slight decrease from September 2024 but an increase of 28.7% compared to October 2023 [2] - Client assets under ongoing advisory services amounted to $4.97 trillion, down 1% from the previous month and up 27.3% year over year [2] - Average interest-earning assets were $422.3 billion, a marginal increase from September 2024 but a decline of 3.7% year over year [3] - Average margin balances rose to $74.1 billion, up 1.9% from the previous month and 15.9% year over year [3] - Average bank deposit account balances totaled $83.3 billion, up 1.1% from last month but down 14.9% from October 2023 [3] Group 2: Account Growth - Schwab opened 331,000 new brokerage accounts in October 2024, representing a 3.1% increase sequentially and a 16.5% increase year over year [3] - Active brokerage accounts reached 36.1 million at the end of October 2024, showing a marginal sequential increase and a 4.3% rise from the previous year [4] - Client banking accounts totaled 1.97 million, up slightly sequentially and 8.6% from October 2023 [4] - Workplace plan participant accounts increased to 5.41 million, up marginally from the prior month and 3.7% year over year [4] Group 3: Competitive Landscape - Interactive Brokers Group, Inc. (IBKR) reported a 46% increase in total client Daily Average Revenue Trades (DARTs) for October 2024 compared to the same month last year, totaling 2,823,000 [7] - IBKR's DARTs also increased by 7.2% from the previous month [7] - LPL Financial (LPLA) is expected to release its monthly activity report soon [8]