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July 21, 2017 at 09:25 AM
Charles Schwab (SCHW) says assets in its Intelligent Portfolios, the firm’s robo platform, totaled $19.4 billion as of June 3, up close to 140% from last year. Plus, its Advisor Services business more than doubled its level of net new assets from a year ago with inflows of $24.6 billion in the quarter ended June 30.
For its part, rival TD Ameritrade (AMTD) said it added $22.0 billion in net new client assets for the quarter, representing a 10% annualized growth rate.
Total assets at Schwab stand at $3 trillion, with about $1.4 trillion held in Advisor Services accounts.
In the second quarter of 2017, the firm boosted its net income 27% to $575 million, or $0.39 per share, from the year-ago period. Revenues rose 17% to $2.13 billion. Clients opened more than 350,000 new brokerage accounts during the second quarter, according to CEO Walt Bettinger.
In the first six months of this year, “Advisor Services attracted near-record core inflows and achieved a 77% year-over-year increase. Our impressive results were helped by an 86% year-over-year lift in net transfers of client assets from our competitors for the first half of 2017, demonstrating our ability to win in the marketplace,” he explained in a statement.
According to the firm, client balances tied to ongoing advisory services rose 17% year-over-year, and totaled $1.54 trillion at quarter-end, with $1.30 trillion under the guidance of a registered investment advisor and $242 billion enrolled in one of our retail or other advisory solutions.
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