Account balances within self-directed brokerage accounts experienced a sharp increase in the first quarter of 2024, even as participant holdings remained relatively steady, according to Charles Schwab's SDBA Indicators Report.
The report showed that the average account balance across all participant accounts stood at $328,239 in the first quarter of 2024, which was an almost 10% gain over the same period of 2023, when it was $298,543, and a 5.8% increase from the fourth quarter of 2023, when it hit $310,400.
SDBAs are brokerage accounts within workplace retirement plans that allow participants to invest their retirement savings in individual stocks and bonds, exchange-traded funds, mutual funds and other securities that are not part of their retirement plan's core investment offerings.
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