Charles Schwab Corporation (The) (SCHW) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

All right, and we're off. Good morning, everyone, and welcome to Schwab's 2025 Spring Business Update. This is Jeff Edwards, Head of Investor Relations, and I'm joined in our Westlake headquarters by our President and CEO, Rick Worcester, and CFO, Mike Berdeschi. Our earnings release crossed the wires about an hour ago, so hopefully everyone has had an opportunity to review our strong 1Q results. Before we jump in, a few quick housekeeping items. The slide to the business update will be posted to their usual spot on the IR website at the conclusion of today's prepared remarks. Q&A remains structured as one question, no follow-ups please, with negative points awarded to those posing questions with four to five separate questions nested within. This approach enables us to address as many questions as possible during our time together this morning. It's worth noting that questions may also be submitted via the online console. And of course, please don't hesitate to reach out to the IR team with any follow up questions after today's update. And finally, the forward looking statements page, our omnipresent wall of words, which reminds us that outcomes can differ from expectations. So please keep in touch with our disclosures. All right, with all that covered, let me turn it over to Rick. Thanks, Jeff. And good morning, everyone. Welcome to our spring business update. The first quarter of 2025 can be summed up in one word, growth. With our through client size strategy, investors turned to us during the first quarter entrusting us with $138 billion in coordinate new assets, which is up 44% over the first quarter of last year. Clients opened 1.2 million new accounts. Our clients remained highly active with high levels of trading activity record engagement with our wealth sol...