Boston, MA 11/11/2013 (wallstreetpr) – Charles Schwab Corp (NYSE:SCHW) has reported its highest quarterly profit since the beginning of the financial crisis as the better trading conditions in the U.S markets has increased customer trading. The company shares went up by 8.1 percent.
Its revenue for the third quarter was $1.37 billion, its best since the height of the internet boon 10 years. The company shared a good outlook for the future which was helped by good revenues and brought down costs. The booming stock markets in the U.S helped its cause with the US central bank not likely to reduce its bond buying stimulus program; the stock markets have been going up.
Not only has the company gained from the growing U.S economy but also it has grown from getting more clients assets. In the slow summer months, it has won new worth $43 billion, 97% higher than the same period last year.
It is marketing more services to its customers this year, earlier its focus was on individual clients making their own investments, but now it is offering the investors advice for a fee. It disclosed that $1 trillion of its $2.15 trillion of client assets were brought in by the company by some form of advice.
In this year around 74,000 of its 8.7 million brokerage account customers were in receipt of its financial plans, which tell clients on they can manage their money. In the previous quarter, 26,000 clients were in receipt of a plan, which was a 63% increase over the same period last year.
The company’s plan of selling a group of retirement, savings and investments products is also being used by its bigger competitors like UBS Wealth Americas, Wells Fargo & Co’s Wells Fargo Advisors.
The company said that its profit for the current quarter went up by 17% from the $290 million it earned in the same period last year.
