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ETF investors remain resilient in a challenging market marked by inflation and volatility, with 80% preferring ETFs as their investment vehicle. According to Schwab's study, ETF portfolios have grown from 27% to 33% over five years, with expectations to reach 40% in the next five years. Notably, 93% of ETF investors plan to purchase more ETFs in the next two years. The desire for personalized portfolios is strong, with significant interest in direct indexing and ESG-aligned investments. Millennials show a higher affinity for ETFs, with 41% of their portfolios currently in ETFs and expectations to increase that share further.
The Charles Schwab Corporation has reported its Monthly Activity Report for July 2022. Key highlights include core net new assets of $31.5 billion, with net new assets excluding mutual fund clearing at $31.2 billion. Total client assets stood at $7.30 trillion, representing a 4% decline year-over-year but a 7% increase compared to June 2022. Additionally, average interest-earning assets were $605.8 billion, marking an 11% year-over-year rise and a slight 1% decrease from the previous month.
The Charles Schwab Corporation (NYSE: SCHW) announced the purchase of approximately 15 million shares of its nonvoting common stock from TD Bank Group for $1 billion. This acquisition aligns with Schwab's recent repurchase authorization, and the purchase price was set at the lowest price TD Bank received from a third-party sale. This strategic buyback reflects Schwab's commitment to enhancing shareholder value and optimizing capital management.
Schwab Advisor Services and Charles Schwab Foundation announced the winners of the 2022 RIA Talent Advantage (RIATA) Student Scholarship, awarding $10,000 each to 12 diverse students pursuing careers in the RIA industry. The scholarship aims to promote diversity and remove financial barriers. This year saw a 7% increase in applicants, with nearly 50% from diverse backgrounds. The scholarship recipients will also receive mentorship from experienced advisors, highlighting Schwab's commitment to fostering new talent in the financial services sector.
The Charles Schwab Corporation has appointed CEO Walter W. Bettinger II as Co-Chairman of the Board, joining Founder Charles R. Schwab. This decision is part of a strategic succession plan aimed at maintaining leadership continuity. Bettinger will also oversee the boards of Schwab's banking subsidiaries. The amendments to the company bylaws clarify the possibility of multiple co-chairmen.
With 33.9 million active brokerage accounts and $6.83 trillion in client assets, Schwab continues to be a strong player in financial services.
The Board of Directors of The Charles Schwab Corporation has approved a $15 billion share repurchase program and announced a 10% increase in the quarterly dividend to $0.22 per share. The dividend is payable on August 26, 2022, to stockholders of record as of August 12, 2022. This decision reflects strong financial performance and confidence in future prospects. The CEO emphasized the intention for significant capital return alongside business growth, indicating a focus on enhancing shareholder value.
According to a recent survey by Schwab Retirement Plan Services, inflation is the primary concern for retirement savings, with 45% of participants citing it as a top obstacle. The average retirement savings goal has decreased to $1.7 million from $1.9 million last year. Many workers (79%) are adjusting their saving and spending habits due to financial strain, with 44% changing their 401(k) investments. Employers are also responding by enhancing support, with 60% taking action to help employees manage financial stress. Financial advice is increasingly sought by workers, enhancing their confidence in making investment decisions.
The Charles Schwab Corporation reported a record net income of $1.8 billion for Q2 2022, a 42% increase compared to Q1 2022, contributing to a total of $3.2 billion for the first half of the year.
Net revenues climbed 13% year-over-year to $5.1 billion, driven by rising interest rates. Daily trading volume averaged 6.2 million, with 1.0 million new brokerage accounts created. However, total client assets decreased to $6.83 trillion, down from $7.57 trillion a year earlier.
The Charles Schwab Corporation (NYSE: SCHW) has announced a Summer Business Update scheduled for Thursday, July 28, aimed at institutional investors. This live public webcast will run from 8:00 a.m. - 9:00 a.m. PT and will feature key executives including CEO Walt Bettinger, President Rick Wurster, and CFO Peter Crawford. The event aims to provide insights into recent developments and management's strategic focus. Schwab currently manages $7.30 trillion in client assets, with 33.8 million active brokerage accounts as of May 31, 2022.
Schwab Advisor Services has enhanced its digital onboarding capabilities, allowing independent advisors to open and fund up to 10 client accounts in one streamlined process. This update follows a request from advisors to manage multiple accounts efficiently. In early usage, over half of new transactions involved multiple accounts, reducing paperwork and human error significantly. Schwab's continued investment in advisor technology, tripling its pre-acquisition spending, aims to simplify account management and improve the client experience. New features will support a broader range of account types in the future.