The Charles Schwab Family of Funds - Schwab Municipal Money Fund - SWTXX STOCK NEWS

Schwab Asset Management announced a reduction in operating expense ratios for 10 of its ETFs and mutual funds, enhancing investor cost-effectiveness. This follows a previous fee reduction in December 2021 for five fixed income ETFs. Notable changes include a decrease in the Schwab International Opportunities Fund's net operating expense ratio from 1.25% to 0.83%. Schwab emphasizes its commitment to affordable, accessible investment products, managing approximately $623.1 billion in discretionary assets as of March 31, 2022.

Charles Schwab has announced the rebranding of its advisory service from Schwab Private Client (SPC) to Schwab Wealth Advisory (SWA) effective next month. This change aims to better reflect its comprehensive wealth management services, which currently serve over 70,000 households with approximately $146 billion in assets as of December 31, 2021. The average household in SWA has more than $2 million in enrolled assets. The program maintains its annual fee starting at 0.80% of billable assets, decreasing with higher asset levels, with no change in client service or costs.

The Charles Schwab Corporation announced its Monthly Activity Report for May 2022, highlighting core net new assets of $32.8 billion from both new and existing clients. Total client assets reached $7.30 trillion, reflecting a 1% decrease from May 2021 but stable compared to April 2022. Client cash as a percentage of assets increased to 12.0%. CFO Peter Crawford noted that rising interest rates and strong business momentum suggest expected sequential revenue growth of 7.5% to 8.5% for Q2 2022, while GAAP expenses are projected to remain flat.

The Charles Schwab Corporation has reached a $186.5 million settlement with the SEC regarding historical disclosures related to its Schwab Intelligent Portfolios (SIP) from 2015-2018. Although Schwab neither admits nor denies the allegations, this settlement aims to resolve the investigation and allows the company to focus on client services. The settlement involves Schwab Wealth Investment Advisory and Charles Schwab Investment Advisory, and funds will be distributed to affected investors. Since its launch, SIP has provided automated, diversified portfolios to hundreds of thousands of clients.

The SDBA Indicators Report from Charles Schwab reveals that the average account balance across self-directed brokerage accounts (SDBAs) in Q1 2022 was $332,017, representing a 0.51% decline year-over-year and a 6.25% drop from Q4 2021. Despite market volatility due to external factors like Federal Reserve changes and the Ukraine conflict, participants maintained similar investment patterns, with individual equities comprising 36% of assets. Average advised account balances were substantially higher at $525,254.

The Charles Schwab Corporation has declared a dividend of $15.60 per share on its 7.000% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, payable on August 1, 2022. Stockholders of record as of the close of business on July 15, 2022 will receive this dividend. As of April 30, 2022, the company reported approximately $7.28 trillion in client assets, highlighting its significant position in the financial services market.