Schwab’s integration of TD Ameritrade customers continues to weigh on its asset growth.
Clients from TD Ameritrade pulled a net $4.8 billion of core assets in October, according to the company’s monthly report released Tuesday. All other Schwab customers added a net $16.1 billion. That brings core net new assets overall to $11.3 billion for the month, down from $27.1 billion in the prior quarter and $42 billion a year ago.
Schwab said the flows reflect expected attrition of TD Ameritrade clients after it acquired the brokerage, as well as delayed tax reimbursements by clients in states such as California. The company said attrition from the TD Ameritrade integration has been lower than projected. Some former TD Ameritrade clients have complained about hiccups in the integration.