Charles Schwab, which rolled out its Schwab Intelligent Portfolios robo-advisor service for retail investors in Q1, stated Thursday that the computer-managed service had more than 39,000 accounts and $3 billion in assets as of June 30.
Schwab (SCHW) beat analysts’ second-quarter estimates as profits grew 9% to $353 million, or $0.25 per share, from $324 million, or $0.23 per share, a year earlier. Sales increased 5% to$1.57 billion from $1.48 billion a year ago.
The company also introduced Institutional Intelligent Portfolios for independent advisors on June 23, giving RIAs access to 450-plus ETFs across 28 asset classes. The San Francisco-based firm says clients opened 280,000 new brokerage accounts, up 16% year over year, and total client assets were $2.54 trillion, up 6%.
“In addition to launching these new offerings, we remain committed to expanding existing platforms in areas of strong client demand,” CEO Walt Bettinger said in a statement.
“We gathered $37.0 billion of core net new assets, the highest second quarter in our history, and maintained a 6% annualized organic growth rate despite seasonal tax outflows in April,” Bettinger explained.