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Schwab has been under scrutiny from shareholders this year amid widespread concerns about deposit flight driven by higher interest rates. Shares are down about 38% this year.
The company has been transitioning millions of TD Ameritrade customers to Schwab accounts, following its acquisition of the brokerage in 2020. Many individuals and registered investment advisers say they miss their TD Ameritrade accounts. Schwab in August reported asset outflows from departing TD Ameritrade customers, but said the attrition was temporary and better than anticipated.
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