Shares were up slightly to $43.08.
Total client assets were a record $3.85 trillion as of month-end October, up 14% from a year ago and up 2% from September 2019. New brokerage accounts were 142,000 in October, up 7% from October 2018 and up 31% from September.
The San Francisco-based company said new brokerage accounts totaled 142,000 in October, up 7% from a year ago and up 31% from September.
New assets brought to the company by new and existing clients totaled $24.1 billion. Net new assets excluding mutual fund clearing totaled $22.6 billion.
On Oct. 1, Charles Schwab said it would offer customers commission-free trading. The broker said it would cut its online commission fees on U.S. stocks, exchange-traded funds and options from $4.95 to zero, starting on Oct. 7. Schwab had previously cut commissions twice in 2017, lowering costs from $8.95.
Last month, Charles Schwab reported a 3% rise in net income to $951 million, up from $923 million during the same quarter a year ago. Revenue rose 5% to $2.7 billion, beating the $2.6 billion estimate of analysts polled by Zacks. Core net new assets totaled $56.6 billion for the first nine months of 2019, for a 7% annualized growth rate.
The actual impact of the move won't be tallied until the numbers for the fourth quarter come out early next year.
Other brokerages have reduced their commissions to zero. In an interview with TheStreet last month TD Ameritrade (AMTD) - Get Report CEO Tim Hockey said the company "makes revenues in other ways as well."
"Now we think we have great opportunity to grow even faster than we were growing before because it's an absolute level playing field for all competitors, big and small, the FinTech disruptors, the large players," he said.