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January 22, 2004 at 07:00 PM
NU Online News Service, Jan. 22, 2004, 11:31 a.m. EST – The Charles Schwab Corp., San Francisco, says it had good luck selling advisory services in 2003.[@@]
The company made its name as a discount broker, but it now owns U.S. Trust, has a big private client operation and operates a unit that supports independent advisors.[@@]
Clients put $41 billion more new assets into Schwab accounts with an “ongoing advisory component” in 2003 than they took out. Total assets in the accounts increased 31% between the end of 2002 and the end of 2003, to $436 billion, Schwab says.
Private-client assets increased 162%, to $16 billion, and 401(k) plan assets increased 23%, to $3.8 billion.
