Core net new client assets totaled $95.3 billion in Q3 2024, up 109% YoY, and $252.1 billion for the first nine months of 2024, up 10% YoY. This growth reflects improved organic growth trends since the final Ameritrade client conversion in May.

Total client assets reached $9.92 trillion as of September 30, 2024, up 27% YoY, reflecting the strength of equity markets and improved organic asset gathering. Management estimates investable wealth in the U.S. exceeds $70 trillion, indicating substantial growth opportunity.

The company completed the final client account conversions from Ameritrade to Schwab in May 2024, converting approximately $1.9 trillion in client assets across more than 17 million client accounts. This marks a significant milestone in the integration process.

The company continues its focus on balance sheet management, prioritizing flexibility. Total balance sheet assets increased 4% during Q3 2024 to $466.1 billion, supported by client cash inflows, and bank supplemental funding decreased by $8.9 billion during the quarter.

The company has achieved approximately 95% of its targeted $1.8 to $2.0 billion in annualized cost synergies from the Ameritrade acquisition, on an annualized run-rate basis, as of September 30, 2024. The remaining synergies are expected to be realized by the end of 2024.

In addition to cost synergies directly related to the integration of Ameritrade, the Company took incremental actions in 2023 to streamline its operations to prepare for post-integration, including through position eliminations and decreasing its real estate footprint, leading to approximately $500 million of incremental run-rate cost savings.

The FDIC issued a notice of proposed rulemaking to amend the brokered deposits framework, potentially impacting how broker-dealers like CS&Co qualify for the primary purpose exception. The proposed changes could have an impact on Schwab's business, depending on further clarification of definitions and requirements in any final rule.

Federal district court judges in two separate industry lawsuits stayed the effectiveness of the Department of Labor's final rule broadening the definition of 'fiduciary' under the Employee Retirement Income Security Act of 1974, pending resolution of litigation.

The FDIC approved a final special assessment to recover losses from the March 2023 bank closures, with the Company paying its first amount in Q2 2024. The FDIC has indicated that its special assessments and related collection period remain subject to further refinement.

The company continues to see strong client engagement in the markets, with daily average trades (DATs) at 5.7 million for both Q3 and year-to-date periods, up 9% and 5% YoY, respectively. This indicates a strong competitive position despite potential pricing pressures.

The strength of equity markets and organic asset gathering helped total client assets rise to $9.92 trillion as of September 30, 2024, and our organic growth trends have improved since the final Ameritrade client conversion in May. Core net new assets totaled $95.3 billion in the third quarter, up 109% from the same period in the prior year.

Management emphasizes placing clients' perspectives, needs, and desires at the forefront, striving to deliver a better investing experience by disrupting longstanding industry practices on their behalf and providing superior service. This is a key element of their 'no trade-offs' approach to serving investors.

Total expenses excluding interest decreased by 7% YoY in Q3 2024, reflecting lower restructuring costs and lower acquisition and integration-related costs, partially offset by higher incentive compensation and other expenses. This indicates improved operational efficiency.

Management works to couple Schwab's scale and resources with ongoing expense discipline to keep costs low and ensure that products and solutions are affordable as well as responsive to client needs. This strategy is aimed at maximizing market valuation and stockholder returns.

The Company took incremental actions in 2023 to streamline its operations to prepare for post-integration, including through position eliminations and decreasing its real estate footprint. Through these actions, the Company has realized approximately $500 million of incremental run-rate cost savings in addition to integration synergies.

Depreciation and amortization expense increased in Q3 and the first nine months of 2024, primarily due to higher amortization of purchased and internally developed software, driven by capital expenditures to enhance technological infrastructure.

The company is making capital expenditures to enhance its technological infrastructure to support growth of the business, with a focus on purchased and internally developed software.

The timing and scope of technology projects are identified as a factor that may cause actual results to differ, indicating the importance of these projects for the company's future.

The company continues to prioritize repayment of bank supplemental funding balances, with total bank supplemental funding decreasing by $8.9 billion during Q3 2024. This is supported by net income and client cash inflows.

The company's share repurchase authorization remains at $15 billion, with approximately $8.7 billion remaining as of September 30, 2024. There were no repurchases of common stock during Q3 2024.

Due to higher year-to-date total net revenues and lower spending, the company now estimates capital expenditures for full-year 2024 will be on the lower end of the previously disclosed expected range of approximately 3-5% of total net revenues.

The 10-Q filing does not include any specific details on environmental, social, or governance initiatives.

The Standard & Poor's 500 and the NASDAQ Composite moved higher in Q3, with both indices rising 21% in the first nine months of 2024. This indicates a favorable market environment for the company's business.

The Federal Reserve cut interest rates for the first time in over four years in September, reducing the federal funds overnight rate by 50 basis points. This action helped push equity markets to near all-time highs.

Client cash allocations and sensitivity to deposit rates are identified as important factors that may cause actual results to differ, indicating the importance of monitoring client behavior in response to changes in interest rates.