Schwab Boosts New Trading Accounts 31% After Fees Go to Zero
- Clients opened 142,000 new brokerage accounts in October
- Schwab’s fee change is escalating industry’s price war
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Charles Schwab Corp.’s free trading offer is turning out to be a hit, drawing in new customers at a fast clip.
Clients opened 142,000 new trading accounts in October, a 31% jump over September’s pace , according to a report Thursday before markets opened. Total brokerage accounts climbed to 12.2 million and firmwide assets grew to a record $3.85 trillion.