Charles Schwab's total client assets dip 3% during tax season
By Steve Gelsi
Money manager cites 'client tax disbursements and seasonal advisory fee payments' for drop
Charles Schwab Corp. said Tuesday that clients drew down their accounts in April from the previous month as they pulled out money for taxes.
Transactional sweep cash at Schwab (SCHW) fell by 3% to end April 2024 at $387.7 billion due to "client tax disbursements and seasonal advisory fee payments," the company said.
Total client assets also fell by 3% to $8.85 trillion, but they were up 16% from a year ago.
Total net new assets from new and existing clients in April were $10 billion, while core net new assets totaled $1 billion.
Charles Schwab's stock was up by 3.1% on Tuesday.
-Steve Gelsi
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05-14-24 1205ET
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