Charles Schwab Corp. announced Wednesday that it had client assets of $1.267 trillion at the end of January, up 16% from a year earlier.
Those figures were included in the San Francisco company's monthly market activity report, which said net new assets from new and current clients totaled $9.6 billion in January. Schwab clients made an average of 275,500 trades a day in the month, down 18% from January of 2006 but up 19% from December.
E-Trade Financial Corp.'s client trades averaged 174,529 a day in January, 16.7% more than the December daily average revenue trade volume of 149,514, the New York company said Wednesday.
E-Trade's retail client assets for the month were $198.3 billion, 1.7% more than the December tally.
Also Wednesday, Schwab announced the 15-Minute IRA. It offers a step-by-step process that Schwab says makes opening an individual retirement account online quicker and easier.
Investors can select an investment vehicle from among four target date mutual funds.
