Charles Schwab's business grew over the last 12 months, but on a quarter-to-quarter basis the results were discouraging and the controversial "franchise" program didn't even rate a mention.
Schwab's overall client assets -- including advisory accounts -- came in at $1.58 trillion at the end of the third quarter.
That represents 7% growth over the last year but a 5% contraction from the second quarter.
And in terms of net flows, neither the retail brokerage side of the company nor the institutional unit reported any meaningful expansion whatsoever.
Growth there was "not meaningful," Schwab says.
The RIA channel was the company's primary bright spot in the quarter. Schwab's RIA affiliates picked up 33% more new assets in the quarter than they did a year ago, even though grim markets left them with only 5% more AUM to work with.
They did not mention the controversial "independent branch services" program, which would theoretically set up advisory "offices" under the Schwab umbrella to work with middle-market clients.