Schwab Total Client Assets Rise Y/Y in November on Higher NNAs

Charles Schwab reported November 2025 monthly activity with total client assets of $11.83 trillion, up 14.8% year-over-year, and advisory assets of $5.97 trillion (+15.4% YoY); core net new assets were $40.4 billion (+40.3% YoY) though down 9% sequentially. Key balance-sheet trends include average interest-earning assets of $436.3 billion (+2.5% YoY), average margin balances of $108.9 billion (+41.5% YoY) and average bank deposits of $73.8 billion (-12.5% YoY), while new brokerage accounts and active accounts showed mixed sequential momentum. Shares have risen 8.6% over six months versus a 24.5% industry gain and carry a Zacks Rank #3 (Hold); peer metrics showed Interactive Brokers DARTs +29% YoY and Robinhood platform assets +66.8% YoY, highlighting industry-wide volume growth even as Schwab faces sequential moderation in flows and a shift from deposit to margin-driven revenue dynamics.

Analysis

Charles Schwab reported November 2025 total client assets of $11.83 trillion, up 14.8% year‑over‑year, with client assets receiving ongoing advisory services at $5.97 trillion (+15.4% YoY). Core net new assets were $40.4 billion, a strong 40.3% increase versus last November but down 9% sequentially, and the stock has risen 8.6% over six months versus a 24.5% industry gain; Schwab carries a Zacks Rank #3 (Hold).

Balance‑sheet composition shows a mix of stabilization and rotation: average interest‑earning assets were $436.3 billion (+2.5% YoY), average margin balances jumped to $108.9 billion (+41.5% YoY), while average bank deposits fell to $73.8 billion (‑12.5% YoY). Schwab opened 365,000 new brokerage accounts in November (+2.2% YoY, ‑14.9% sequentially) and active brokerage accounts reached 38.3 million (+5.6% YoY), indicating steady client engagement but softer sequential acquisition.

Peer data underline industry momentum: Interactive Brokers’ DARTs rose 29% YoY and Robinhood’s platform assets increased 66.8% YoY, signaling durable trading and asset growth across competitors. Key near‑term implications are a potential revenue mix shift toward margin and advisory fees and a risk that continued deposit declines or further sequential NNA softening could pressure net interest income and liquidity metrics.

Key Decisions for Investors

• Maintain a neutral/hold stance on SCHW given strong YoY asset growth and rising margin balances offset by sequential softness in NNA and meaningful deposit declines
• Monitor monthly NNA, average bank deposit balances and average margin balances as primary indicators; a sustained rebound in deposits or renewed sequential NNA strength would be a buy signal
• Limit incremental exposure or use size discipline if deposit outflows persist, because continued migration away from deposits could compress net interest income and increase funding sensitivity
• Track peer metrics (DARTs at IBKR, platform assets at HOOD) for industry volume trends; if Schwab’s account growth or engagement metrics fall further behind peers, reassess relative positioning