In its recent monthly update, Charles Schwab reported that assets previously held at TD Ameritrade are still leaving the company.

Chief Financial Officer Peter Crawford stated that the majority of those outflows are associated with Ameritrade RIA clients, including a specific group of relationships that did not meet Schwab's criteria for an ongoing service relationship.

In August, the firm saw a 64% decrease in its core net new assets, which amounted to $4.9 billion compared to $13.7 billion in July and an 89% drop from $43.3 billion compared to the previous year. 

According to ThinkAdvisor, the attrition of assets is expected to persist for approximately another ten months. This decrease is anticipated to subside only after the completion of the final transition group from TD Ameritrade, which is expected to occur in the first half of 2024. Schwab estimates that the total attrition of assets related to the deal will account for approximately 4% of Ameritrade's revenue before the deal, or roughly 1% of the combined total client assets as of December 31st, 2022, as stated by the CFO last month.

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