TD Ameritrade says it attracted billions in new client assets in the fourth quarter of 2019 following its decision to eliminate commissions on most online trades. But revenue from transaction fees and commissions tumbled.

Net new client assets in the last three months of 2019 were $29 billion, representing a 9% annualized growth rate, TD Ameritrade says in its latest quarterly earnings report.

That’s lower than the $32 billion in net new client assets the company pulled in during the last three months of 2018, however, according to the report.

Total client assets reached $1.43 trillion by the end of 2019, up from $1.38 billion in the three months ending Sept. 30 and $1.16 trillion at the end of 2019, TD Ameritrade says.

Client attrition rose after the company announced in November that it was being acquired by Charles Schwab, Steve Boyle, TD Ameritrade’s interim president and CEO, says in a statement, adding that impact to net new assets after the announcement was minor.

The firm now has more than 7,000 registered investment advisors overseeing more than 12,100 accounts, according to the report.

Unsurprisingly, given TD Ameritrade’s decision to jump on the zero-commission bandwagon in October, the company experienced a record one million average client trades daily in the last three months of 2019, the firm says.

The strong trading helped offset the loss of revenue resulting from going to zero commissions, Boyle says in the statement. What’s more, trading in January so far is up 40%, with an average of 1.4 million trades daily, he says.

But revenue from transaction fees and commissions did plunged from $502 million in the three months ending Sept. 30 to $305 million by the end of 2019, according to the report.

TD Ameritrade’s total net revenue for the last three months of 2019 was $1.29 billion, down from $1.56 billion reported at the end of September and $1.52 posted at the end of 2018, the company says. Pretax Generally Accepted Accounting Principles income in the last three months of 2019 was $471 million, according to the report.