SCHW · Forward model · Asset management and administration fees
What has to happen in Asset management and administration fees
Model as of
This page changes Asset management and administration fees inside the complete SCHW model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
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Asset management and administration fees
Fees on $4,652,135M of average fee-bearing client assets - mutual funds, ETFs, collective trust funds and alternatives at $2,737,218M, managed investing solutions at $922,971M and other balance-based fees at $991,946M - billed at a blended 0.0392% a quarter, 0.157% annualised. 25.8% of the basis quarter and the most mechanical line in the model: revenue is a fee rate multiplied by an asset base, and Schwab publishes both legs, by category, every quarter. The tension is between a base compounding on market appreciation and net new assets and a fee rate that has fallen 4.47% year on year as the mix moves toward cheaper index and advisory products.
Latest: $2.57B (2031Q2E)
| Period | Value |
|---|---|
| 2021Q4 | $1.11B |
| 2022Q1 | $1.07B |
| 2022Q2 | $1.05B |
| 2022Q3 | $1.05B |
| 2022Q4 | $1.05B |
| 2023Q1 | $1.12B |
| 2023Q2 | $1.17B |
| 2023Q3 | $1.22B |
| 2023Q4 | $1.24B |
| 2024Q1 | $1.35B |
| 2024Q2 | $1.38B |
| 2024Q3 | $1.48B |
| 2024Q4 | $1.51B |
| 2025Q1 | $1.53B |
| 2025Q2 | $1.57B |
| 2025Q3 | $1.67B |
| 2025Q4 | $1.73B |
| 2026Q1 | $1.76B |
| 2026Q2 | $1.82B |
| 2026Q3E | $1.86B |
| 2026Q4E | $1.90B |
| 2027Q1E | $1.93B |
| 2027Q2E | $1.97B |
| 2027Q3E | $2.01B |
| 2027Q4E | $2.05B |
| 2028Q1E | $2.08B |
| 2028Q2E | $2.12B |
| 2028Q3E | $2.16B |
| 2028Q4E | $2.20B |
| 2029Q1E | $2.24B |
| 2029Q2E | $2.27B |
| 2029Q3E | $2.31B |
| 2029Q4E | $2.35B |
| 2030Q1E | $2.39B |
| 2030Q2E | $2.42B |
| 2030Q3E | $2.46B |
| 2030Q4E | $2.50B |
| 2031Q1E | $2.54B |
| 2031Q2E | $2.57B |
Assumptions & reasoning
- A CAPACITY driver because the release publishes the earning base AND the fee for each category every quarter in the Asset Management and Administration Fees Information table. Neither leg is inferred and neither is a segment split Schwab does not report.
- ASEASONAL, and the cleanest fail in the set: centred-moving-average factors of [1.0034, 0.9955, 1.0078, 0.9933], a signal of 0.0145 against a worst window-to-window spread of 0.0403 - a 0.36:1 ratio. A balance-based fee has no calendar.
- The same double-counting warning applies as on net interest revenue: the seasonality field is left absent because a capacity driver reads the basis quarter's own levels, and the engine would deseasonalise them a second time.
- The 51.88% consolidated pre-tax margin sits here too. Asset-gathering economics are almost certainly better than the firm average and trading's almost certainly worse, but Schwab discloses neither, and inventing the difference is exactly the failure this model refuses.