Schwab Assets Top $13 Trillion as Quarterly Inflows Surge

Charles Schwab is one of the largest U.S. brokerage and wealth-management platforms, serving both individual investors and independent registered investment advisers, or RIAs. Growth in client assets is a key measure of the firm’s competitive position and earnings potential, while its expansion in wealth management has raised concerns among outside advisers that also rely on Schwab’s custody platform.

Schwab attracted $120 billion in core net new assets during the second quarter, an increase of nearly 50% from a year earlier, lifting total client assets above $13 trillion for the first time. Addressing concerns that the company’s in-house wealth business could compete with independent RIAs, Chief Executive Officer Rick Wurster said the U.S. wealth-management market is large enough to support continued growth across both channels.