Charles Schwab opened more retail accounts in the first quarter of 2021 than in 2020, with figures from brokers highlighting the recent rise of new market players.
The company, in its earnings report on Thursday, said it opened 3. 2 million new brokerage accounts in the first 3 months of this year, surpassing its total by 2020, accounts acquired in recent mergers with other brokers.
The new accounts contributed to daily transactions with an average of $8. 4 million in the quarter. Schwab said it was 4 times higher than the combined pro forma speed in the fourth quarter of 2019, which ushered in the $0 online equity commission era.
The company said the accumulation of new accounts came amid a U. S. economy that is still recovering from the COVID-19 pandemic, aided by vaccine building and government fiscal stimulus.
Schwab reported $148. 2 billion in new core assets, more than double that of a year ago and 24% more than its fourth quarter 2020 peak. New core assets reached $62. 6 billion in March.
The update follows a study released last week through Charles Schwab indicating that 15% of all investors in the US stock market have been able to do so. The U. S. began making an investment in 2020.
The company also said Thursday that retail call volumes in the first quarter increased 19 a year earlier to 8. 3 million.