“In the third quarter, we expanded the rollout of the ultra-high net worth senior lending team model to 6 more retail regions in preparation for full retail rollout by the end of the year.”

In context

“nity as well. We know that retail clients want to consolidate as much of their financial lives as possible in one place. We know that RIAs want to reduce the number of relationships their clients need to have with financial institutions. Clients who do their borrowing at Schwab today are delighted by our competitive rates, and our Client Promoter Scores exemplify that. And with a large balance sheet, this is a productive use of capital for us. With our lending offer, we are making investments today, so we can be the preferred lending provider for clients on our platform. We introduced a preferred rate program, and we are enhancing the digital experience. We are building out our service teams to provide more tailored service, akin to what you might see at the largest banks or wealth firms. In the third quarter, we expanded the rollout of the ultra-high net worth senior lending team model to 6 more retail regions in preparation for full retail rollout by the end of the year. In the last quarter, we started to train and license more than 600 Ameritrade FCs so they can offer PAL and mortgage loans to their clients. We’ve also seen increased retail FC adoption of lending despite rising rates. And we’ve partnered with adviser services to help onboard some significant new RIAs with billions in assets through our lending capabilities. These efforts have been met with very positive feedback. Even in a difficult lending environment, we are seeing growth. PAL demand continues to grow, it is up 31% compared to last year because demand is driven by factors outside of the rate cycle. As we continue to build out the offer for the future, we will take the no trade-offs approach to lending that clients expect from Schwab, attractive rates, enhanced digital experiences and a”