You know I’m not in favor of self-directed brokerage accounts (SDBAs), but they are still a thing.
Average account balances among plan participants with SDBAs with Charles Schwab increased 6.6% to $298,543 during the first quarter of 2023 compared to the 4th quarter of 2022. That’s still down by 10.08% compared to $332,017 a year ago for
Advised accounts held higher average account balances compared to non-advised accounts, $478,263 vs. $254,874. Gen X had the most advised accounts (51%), followed by Boomers (29%) and Millennials (17%).
