The financial services giant closed the fourth quarter of 2024 with $10.1 trillion in total client assets, bolstered by $114.8 billion in core net new assets during the quarter1. This impressive growth was part of a broader trend, with the full-year total reaching $366.9 billion in net new assets—a 20% increase from 20231. Under the leadership of new CEO Rick Wurster, the company is focusing on enhancing client trust and satisfaction while expanding its presence in high-traffic areas2. Additionally, Schwab added over 1.1 million new brokerage accounts in Q4 2024, bringing its total active accounts to 36.5 million3.

The remarkable growth in Schwab's client assets can be attributed to several key factors:

• Strong net asset gathering, with core net new assets of $114.8 billion in Q4 2024 alone1

• Robust performance in managed investing solutions2

• Continued expansion of the client base, adding over 1.1 million new brokerage accounts in Q4 20243

• Positive market gains contributing to overall asset growth2

• Increased client engagement, reflecting growing trust in Schwab's services3

These drivers have collectively propelled Schwab to its new position among the largest financial services firms globally, setting the stage for further growth and innovation in the coming years.

The successful integration of TD Ameritrade has played a crucial role in Schwab's asset growth, contributing significantly to the $10 trillion milestone. This merger, completed in October 2023, has enhanced Schwab's market position and expanded its service offerings1. The integration process has focused on building trust with legacy TD Ameritrade clients, who are still adapting to the changes brought about by the merger2. To further capitalize on this growth, Schwab is implementing strategic initiatives, including:

• Renewing branch-building efforts in retiree-rich locations like Florida

• Relocating storefronts to high-traffic areas for increased visibility

• Dedicating specialized staff to serve accounts with over $10 million in assets3

These targeted efforts aim to strengthen Schwab's competitive edge and continue its trajectory of asset growth in the evolving financial services landscape.

In the competitive landscape of financial services, Schwab's $10 trillion milestone places it among industry giants like Fidelity Investments and BlackRock, which have reached similar asset thresholds in recent years12. This achievement reflects a broader trend of asset growth across the sector, with firms like Envestnet surpassing $5 trillion in assets and 108,000 advisors on its platform in 20213. The U.S. ETF industry is also experiencing significant growth, potentially exceeding $1 trillion in net inflows for 2024, further illustrating the robust expansion within the financial services sector4.