Charles Schwab's advisor and retail channels both are powering the financial services company's growth, CEO Rick Wurster said Friday.
“We see our growth across the spectrum of channels. Our advisor channel continues to be a strong source of growth as does our retail channel. And we saw our retail net new assets go up 50% in the first half of the year versus the first half of last year," Wurster said on CNBC's "Money Movers" after Schwab posted stronger-than-estimated second-quarter earnings.
Second-quarter net revenue grew 25% overall year over year, reaching a record $5.9 billion, the company reported. Earnings per share also hit a record.
Some growth comes from legacy TD Ameritrade clients who've brought their assets to the business after Schwab acquired the brokerage, Wurster said on CNBC.
Schwab had a strong quarter across the board from its advisor, retail and workplace channels, with workplace reaching record net new assets, Wurster said. Client assets are at an all-time high, he noted.
Advisor services assets rose 15% and investor services assets climbed 14% year over year in the second quarter; advisor services net new assets climbed 24% while investor services net new assets declined 22% in the same period, the company reported.
Total client assets reached $10.76 trillion in the second quarter, up 14% from a year earlier, while client trading revenue rose 23% to $952 million. At the same time, retail investors and RIAs opened over 1 million new accounts in the quarter, Schwab reported.
While the company gained $73.6 billion in net new assets in the second quarter, that figure missed analysts' expectations, Bloomberg reported.
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