Gen X has high portion of advised Schwab brokerage window accounts

Schwab Personal Choice Retirement Accounts, Charles Schwab's brokerage window, showed that 19.6% had advised accounts, with the remaining being self-directed at the end of the third quarter. Brokerage windows typically allow participants to choose a wider range of investments, although plan sponsors may place restrictions.

Generation X, those ages 42 through 57, were split evenly between advised and self-directed accounts. Millennials (42 to 57 years old) had about 16% that were advised and 84% non-advised.

Advised accounts ended the period with an average balance of $435,604, down 22% since the end of 2021. Self-directed accounts' average balance fell by more than 23% to $233,875.

Baby boomers saw their balance decline to an average of about $437,000, down 20.3% since the end of 2021. Gen X and millennials had their average balances fall by 22% and 21.6% to $246,000 and $83,000, respectively.