The uptick in the number of wirehouse brokers going independent continues to tick away at record levels, according to Schwab Advisor Services.
The unit of Schwab Institutional that serves independent advisors reported that 25 advisor teams, representing about $2 billion in assets under management, custodied their assets with Schwab after going independent in September.
The one-month total was the company's highest on record-part of a trend that has seen the flow of breakaway brokers increase since the historic market collapse of fall 2008.
In the third quarter, Schwab Advisor Services reported, 52 advisor teams went independent with Schwab as their custodian. That represents a 30% increase from a year ago, according to Schwab.
A total of 126 teams have gone independent this year as of September 30, according to Schwab.
Net new assets into Schwab Advisor Services rose $11.1 billion in the third quarter-a 44% increase over the second quarter and 16% increase over the first quarter.
Nearly 85% of the new assets came from new clients, according to Schwab.