Last week, TD Ameritrade Holding Corporation issued a press release highlighting record-breaking engagement and activity. For the fiscal quarter ending December 31, the Omaha-based brokerage firm reported an average of 726,000 clients trade per day (up 49 percent from the year previous) and took in $26.5 billion in net new clients assets (representing nine-percent growth). Both were new company records. Net revenue reached $1.3 billion, and total client assets increased 48 percent over the past year to approximately $1.2 trillion.
Tim Hockey, TD Ameritrade president and chief executive officer, praised the "outstanding start in 2018" and then noted reasons for the growth. "Trading was at record levels, and investor engagement has continued across all client segments as the market reached new highs," he said. "Enhanced consumer interest in blockchain and cannabis-related securities drove a further surge in engagement in the final weeks of the quarter, particularly among first-time investors."
In what was an unintentional pun, executive vice president and chief financial officer Steve Boyle added, "It was an eventful quarter as major indices hit all-time highs."
Many factors contributed to the company's growth, including what's been a bullish stock market since President Obama's first year in office. However, it's clearly significant that TD Ameritrade singled out cannabis-related stocks as one of the primary reasons the brokerage is setting new company records.
Photo credit: Flickr/Rich.