Charles Schwab touts record-high $4 trillion in client assets after erasing trading fees
plan to eliminate trading fees is driving massive expansion for the biggest US brokerage.
The firm announced Thursday it reached a record $4 trillion in client assets in the fourth quarter of 2019, a 24% increase from the prior year. It also reported $211.7 billion in core net new assets for the year, a 7% growth from 2018. Schwab opened 433,000 new brokerage accounts in the fourth quarter, its biggest quarterly increase of the year and its first full quarter of data since announcing the fee cuts. The surge in new accounts signals that its ending of trading fees is pulling in new clients at an accelerated pace.
"During 2019 our commitment to seeing 'through clients' eyes' prompted us to take a number of bold steps that further enhance our offer to clients and help position Schwab to build value for our stakeholders – clients, employees, and stockholders – over the long-term," CEO Walter Bettinger said in the company's earnings report.
The brokerage reported quarterly earnings of 62 cents per share on Thursday, falling under analysts' consensus estimate of 64 cents. Revenue landed in-line with expectations at $2.6 billion.Schwab cut trading commissions on October 1 amid a price war among the brokerage industry. Rivals
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