“The remaining $400 million in Ameritrade expense synergies will be realized in the second-half of 2024 following the completion of the integration.”

In context

“d efficiency. Our number one priority in 2023 was to execute the largest integration in the history of the industry. And it has been a tremendous success. As Walt highlighted, we brought about 90% of Ameritrade clients to Schwab, representing $1.6 trillion in converted assets, 7,000 RIA firms, and 15 million total converted accounts. While clients are getting used to navigating a new experience and a different way of doing things, they are also seeing the breadth of capabilities on our combined platform. We also focused in 2023 on reducing expenses. We captured approximately $500 million in annual run rate expense savings through streamlining our operating model, which included position eliminations from predominantly non-client facing areas, as well as reducing our real estate footprint. The remaining $400 million in Ameritrade expense synergies will be realized in the second-half of 2024 following the completion of the integration. When we think about win-win monetization, we think about meeting more of our clients’ total financial needs, including more holistic solutions, lending capabilities, and access to high-quality, fairly priced products. This attracts and retains client assets and at the same time improves our economics. We generated strong results in our advice business with a 29% year-over-year increase in net advised flows, including $12 billion in net flows into our proprietary full-service wealth management solution, Schwab Wealth Advisory. This is a record for our firm. Wasmer Schroeder net flows were $6.7 billion, a record for the offer and a 90% increase over the prior year. And when it comes to direct indexing, we've enhanced our Schwab personalized indexing offer with expanded customization capabil”