\nThe Charles Schwab Corporation released its Monthly Activity Report today. Company highlights for the month of August 2022 include:\n<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20220915005416\/en\/<\/a><\/p>\n \nCFO Peter Crawford commented, \u201cSchwab\u2019s business momentum remained strong in August, with $43 billion in core net new assets, 332 thousand new accounts, and 5.6 million daily average trades. We did see a pick-up in so-called client cash sorting behavior during the month, consistent with our expectations that a faster rise in the Fed Funds rate could prompt an increase in the pace of sorting. That being said, we continue to expect that the total amount of overall sorting activity shouldn\u2019t be any higher this cycle than during the prior stretch of rising rates \u2013 and we still think it could even be a bit lower due to the factors discussed at our Summer Business Update back in July. Additionally, our ongoing success with clients and stronger net interest margin currently have the company\u2019s third quarter revenues on track to grow by 18% to 19% versus the prior year.\n<\/p>\n \nAs clients move some of their cash to purchased money funds and fixed income, it increases our capital levels \u2013 freeing up capital which we can return to stockholders through higher common dividends, preferred redemptions, and\/or stock buybacks. Our binding constraint of course is our consolidated Tier 1 Leverage Ratio. For many years, our operating objective for Tier 1 Leverage has been 6.75%-7.00%. Recently, however, we made the decision to lower that operating objective by 25 basis points to 6.50%-6.75%. This lower range reflects the increased maturity of our capital planning processes, the strength and resilience of our balance sheet, and the positive results from our inaugural CCAR submission. We\u2019ll discuss the implications of this change on our near-term capital activities at the upcoming Fall Business Update in October.\u201d\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release contains forward-looking statements relating to Schwab\u2019s business momentum and client success; client cash sorting; net interest margin; expected third quarter revenue growth; capital levels; returning excess capital to stockholders; Tier 1 Leverage Ratio operating objective; and balance sheet strength. These forward-looking statements reflect management\u2019s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations.\n<\/p>\n \nImportant factors that may cause such differences include, but are not limited to, the company\u2019s ability to attract and retain clients and independent investment advisors and grow those relationships and client assets; develop and launch new and enhanced products, services, and capabilities, as well as enhance its infrastructure and capacity, in a timely and successful manner; hire and retain talent; support client activity levels; successfully implement integration strategies and plans; manage expenses; and monetize client assets. Other important factors include client use of the company\u2019s advisory solutions and other products and services; general market conditions, including equity valuations and the level of interest rates; the level and mix of client trading activity; market volatility; margin loan balances; securities lending; competitive pressures on pricing; client cash allocation decisions; client sensitivity to rates; level of client assets, including cash balances; capital and liquidity needs and management; balance sheet positioning relative to changes in interest rates; interest earning asset mix and growth; the migration of bank deposit account balances; and other factors set forth in the company\u2019s most recent reports on Form 10-K and Form 10-Q.\n<\/p>\n About Charles Schwab<\/b><\/p>\n \nThe Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 34.0 million active brokerage accounts, 2.3 million corporate retirement plan participants, 1.7 million banking accounts, and $7.13 trillion in client assets as of August 31, 2022. 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 subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, https:\/\/www.sipc.org<\/a>), and their 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 primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https:\/\/www.aboutschwab.com<\/a>.\n<\/p>\n \nTD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but affiliated companies and subsidiaries of TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation is a wholly owned subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.\n<\/p>\n 2021<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n Aug<\/span><\/b><\/p>\n<\/td>\n \n35,361\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,844\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,820\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,484\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,338\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,132\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n33,893\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,678\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,977\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,990\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,775\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n32,845\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,510\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4\n<\/p>\n<\/td>\n \n%)\n<\/p>\n<\/td>\n \n(11\n<\/p>\n<\/td>\n \n%)\n<\/p>\n<\/td>\n \n15,259\n<\/p>\n<\/td>\n 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\n\u00a0\n<\/p>\n<\/td>\n \n374\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n397\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n448\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n473\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n426\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n356\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n420\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n386\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n323\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n305\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n332\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n(17\n<\/p>\n<\/td>\n \n%)\n<\/p>\n<\/td>\n \n10.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n10.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n10.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n10.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n10.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n11.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n11.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n11.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n11.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n12.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n12.8\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n12.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n12.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n23.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n23.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n22.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n23.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n23.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n22.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n24.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n22.4\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n21.9\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n22.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n22.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n24.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n23.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n552,372\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n565,379\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n574,181\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n584,362\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n605,709\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n622,997\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n629,042\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n644,768\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n636,668\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n620,157\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n614,100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n605,751\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n586,154\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3\n<\/p>\n<\/td>\n \n%)\n<\/p>\n<\/td>\n \n6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n81,021\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n81,705\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83,835\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n87,311\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n88,328\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86,737\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n84,354\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n81,526\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83,762\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n78,841\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n74,577\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n72,177\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n72,855\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n(10\n<\/p>\n<\/td>\n \n%)\n<\/p>\n<\/td>\n \n150,896\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n152,330\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n154,040\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n153,877\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n154,918\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n157,706\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n153,824\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n155,657\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n152,653\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n154,669\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n155,306\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n154,542\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n148,427\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4\n<\/p>\n<\/td>\n \n%)\n<\/p>\n<\/td>\n \n(2\n<\/p>\n<\/td>\n \n%)\n<\/p>\n<\/td>\n \n8,808\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,596\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,840\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,099\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,519\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,384\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,371\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,177\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(786\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n1,889\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,586\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n5,589\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,465\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n569\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n335\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n81\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n308\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,207\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(367\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(478\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(497\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(529\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,718\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,054\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(2,041\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(783\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n8,044\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,232\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,425\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,097\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,804\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,973\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(7,851\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6,933\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6,121\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(5,631\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n729\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(141\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n3,876\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(308\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n302\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n189\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,859\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(4,961\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(6,318\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(11,888\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(16,657\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(20,761\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(16,258\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(8,674\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(7,117\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n13,545\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,471\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,044\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,315\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,771\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,782\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,238\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,717\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,409\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,811\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,987\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,951\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,658\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,372\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,512\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(451\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,725\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(144\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,984\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,086\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(1,344\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(3,430\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n7,106\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,544\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,711\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,702\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n\n
\n
\n The Charles Schwab Corporation Monthly Activity Report For August 2022<\/b><\/td>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Change<\/span><\/td>\n \n <\/tr>\n \n \n \n \n \n \n Sep<\/span><\/b><\/td>\n \n Oct<\/span><\/b><\/td>\n \n Nov<\/span><\/b><\/td>\n \n Dec<\/span><\/b><\/td>\n \n Jan<\/span><\/b><\/td>\n \n Feb<\/span><\/b><\/td>\n \n Mar<\/span><\/b><\/td>\n \n Apr<\/span><\/b><\/td>\n \n May<\/span><\/b><\/td>\n \n Jun<\/span><\/b><\/td>\n \n Jul<\/span><\/b><\/td>\n \n Aug<\/span><\/b><\/td>\n \n Mo.<\/span><\/td>\n Yr.<\/span><\/td>\n \n <\/tr>\n \n Market Indices (at month end)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Dow Jones Industrial Average\u00ae<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Nasdaq Composite\u00ae<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Standard & Poor\u2019s\u00ae 500<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Client Assets (in billions of dollars)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Beginning Client Assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net New Assets (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net Market Gains (Losses)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Total Client Assets (at month end)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Core Net New Assets (2)<\/sup><\/i><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Receiving Ongoing Advisory Services (at month end)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Investor Services<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Advisor Services (3)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Client Accounts (at month end, in thousands)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Active Brokerage Accounts<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Banking Accounts<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Corporate Retirement Plan Participants<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Client Activity<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n New Brokerage Accounts (in thousands)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Client Cash as a Percentage of Client Assets (4)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 10 bp<\/td>\n 180 bp<\/td>\n \n <\/tr>\n \n Derivative Trades as a Percentage of Total Trades<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (90) bp<\/td>\n 20 bp<\/td>\n \n <\/tr>\n \n Selected Average Balances (in millions of dollars)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Average Interest-Earning Assets (5)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Average Margin Balances<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Average Bank Deposit Account Balances (6)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Mutual Fund and Exchange-Traded Fund<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net Buys (Sells) (7,8) <\/sup>(in millions of dollars)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Equities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Hybrid<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Bonds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net Buy (Sell) Activity (in millions of dollars)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Mutual Funds (7)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Exchange-Traded Funds (8)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Money Market Funds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n
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