A historic moment and opportunity

October 5, 2020 Walter W. Bettinger II
CEO Walt Bettinger shares a few thoughts on the close of the TD Ameritrade acquisition – why the combination helps us towards our goal of being a company that can best serve clients with the soul of a challenger.

Today, Charles Schwab announced that we have closed the acquisition of TD Ameritrade - a historic moment for our employees, clients and industry. There has never been a combination in financial services quite like this. Together, our reach is now approximately $6 trillion in client assets, 28 million brokerage accounts and more than 5 million daily average trades*. By combining our firms, we are creating a company that is uniquely positioned to serve the needs of all kinds of investors and advisors at every step of their lives.

But the numbers tell only part of the story.

Schwab has never really had a desire to be large simply for the sake of size, and our founder and chairman, Chuck Schwab, has made that very clear over the years. He’s never tried to be the largest or the most profitable firm as a standalone goal. The goal is to be a strong company, a fortress for clients that they can turn to and have confidence in our integrity. If we’re constantly pushing ourselves to challenge the status quo, growth and profitability will follow.

Schwab has never really had a desire to be large simply for the sake of size, and our founder and chairman, Chuck Schwab, has made that very clear over the years. He’s never tried to be the largest or the most profitable firm as a standalone goal. The goal is to be a strong company, a fortress for clients that they can turn to and have confidence in our integrity. If we’re constantly pushing ourselves to challenge the status quo, growth and profitability will follow.

The other part of the story is one that is over 45 years old and isn’t going to change despite our increased size: we will not change who we are. We are a challenger company, and that has nothing to do with size, history or background.

Being a challenger is a mindset to constantly push for change that leads to better results or outcomes for our clients and employees – as well as better long-term results for our company. Many challenger decisions provide immediate benefit to clients, but the rewards for our company and stockholders unfold further in the future. That long-term perspective and willingness to sometimes disrupt our own business are key to being a challenger.

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Being a challenger defines who Schwab is as a company. That’s who Schwab was when it was a tiny startup with Chuck in the 70s, and who Schwab will still be after completing this acquisition.

- Walt Bettinger, Chief Executive Officer, Charles Schwab

In the face of the economic uncertainty caused by the COVID-19 pandemic, investors everywhere are putting their trust in us to help secure their financial futures. I am confident that Schwabbies, including our new TD Ameritrade colleagues, are committed to and will deliver on our shared mission.  I can’t wait to see what we will achieve together.

 

*Total client assets based on combined data for Schwab and TD Ameritrade as of August 31, 2020, using company reports; all other combined data as of June 30, 2020, calculated using Schwab’s methodology.

(1020-028W)