Schwab offers a better, more modern way to build and manage wealth

Everything we do as a company is focused on helping our clients take ownership of their financial futures.

Charles Schwab: Oh, my god. There I am.

Charles Schwab: These are sort of tinted, but I'll put them on. There I am. My prescription's changed a little bit, but this is basically what I looked like. However, my hair was a little bit of different color. Back in '75. It was very brown.

Charles Schwab: Wall Street, they're huge. They had all the money. That's where all the money was in the United States, sitting around Wall Street. I was an analyst and a portfolio manager, so I began really understanding the brokerage industry as such. What I didn't want to be.

Charles Schwab: Brokers were basically selling stories. The broker would run into you someplace and sell you, say, "Hey, I got a really good idea for you. It's going to go to the moon. You'd better hop on." Inside information was rampant then.

Speaker 2: Relax, will you? Believe me, you made the right move.

Speaker 3: You really think so?

Speaker 2: Why, sure. We got the inside track.

Charles Schwab: Some people would call that being a con man. That was the industry. There was fixed prices so extraordinary high only the wealthiest people in the world could participate. It was a highly conflicted business. I wanted to have a firm that was free of the huge conflicts that I saw in the business, so I started Charles Schwab & Company.

Charles Schwab: I was a pariah, oh, for sure. I was this little guy on the West Coast, and access to capital for me was a fundamental problem because I couldn't access Wall Street. They didn't want to finance their competitor. I mortgaged my house. You name it. I went to relatives, went to friends. "I hope Chuck doesn't come and ask me for money, because it's just not what I want to do." They regretted it later on.

Charles Schwab: The magic moment: May one of '75; May Day. Congress passed laws to outlaw fixed commissions. In essence, really democratize the business, bring it open to anybody. If you got $100, you're in. Article was in the paper, Merrill Lynch raised their rates. I was very happy that day, because I would've thought that Merrill would've dropped their rates substantially and we would've had no business. But we dropped our rates 50%, 60%, something like that, and it just created a huge opportunity for us to take our little business and grow it like crazy.

Charles Schwab: We were growing so fast, we wanted to get everybody in.

Speaker 4: At three-quarters-

Charles Schwab: We didn't incentivize our people. One way or another, they all made salaries. That was really revolutionary. Here was this little guy from the West Coast, undermining Wall Street. Right now we have about nearly $4 trillion, with a T, in client accounts with us. $4 trillion. Incredible. Yeah.

Speaker 5: Do you ever grapple with that, that you started out to balk the status quo and now you are the status quo?

Charles Schwab: I hope we're not the status quo; I hope we are not. I hope we are, continue to be, agents of change for the better. Just treat people like you'd like to be treated. It's pretty simple. Not a big something from the top of the mountain; it's right there.

Charles Schwab: Anyway, it's all true.

 

What We Do

Schwab was built around a simple idea: put the client first. We work hard to make our clients’ goals the focus of everything we do by offering a better, more modern way for them to build and manage their wealth.

Who We Serve

Our 32,600 employees are champions of investors and those who serve them.

Woman sitting on couch working on laptop

Individual Investors

Driven, motivated people who believe that personal engagement, a sense of ownership, and a commitment to investing gives them control over their financial futures.

two men in conversation in a hallway

Advisors

Independent Registered Investment Advisors (RIAs) who believe, like Schwab, that there's a better way to serve investors. And we provide nearly 15,000* RIAs with custodial, trading, and business consulting services—more than any other firm in the industry.

Shopowner smiling from the doorway

Employers

Employers understand the long-term, bottom-line value of helping employees achieve a secure retirement and optimize other financial benefits. We help roughly 5.3 million* Workplace Plan Participants do just that.

* Beginning in the fourth quarter 2023, Retirement Plan Participants was expanded to include accounts in Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. Prior periods have been recast to reflect this change. 

By The Numbers*

$9.12
trillion

total client assets

35.3
million

brokerage accounts

5.90
million

 daily average trades

1.9
million

banking accounts

$1.04
trillion

in proprietary mutual funds and ETFs

* Total client assets and brokerage accounts reflect combined data for Schwab and TD Ameritrade as of March 31, 2024. All other numbers reflect Schwab data as of February 29, 2024.

Seeing the world "Through Clients' Eyes" has shaped our trajectory

Putting clients at the heart of the experience has enabled us to create products, services, and platforms that have shaped our industry and helped clients meet their financial goals. Here are some highlights:

  • 2020: Combining Two Award-Winning Companies

  • 2019: $0 Commissions on Online Stock, ETF, and Options Trades

  • 2015: Automated and Simple Investing

  • 2013: Accountability as Policy

  • 2012: A New 401(k) Option

  • 2009: Commission-Free ETFs

  • 2006: Affordable Professional Investment Advice

  • 2005: Checking Meets Investing

  • 2002: Quantitative Fact-Based Ratings

  • 1996: Low-Cost Online Trading

  • 1992: Mutual Funds: Access, Convenience, Low Cost

  • 1987: Financial Advisor Service Launches

  • 1982: Schwab Embraces 24/7 Service

  • 1975: Chuck Schwab Creates a Discount Brokerage

Schwab continues to earn high ranking in the industry for its heritage of innovation, modern wealth management capabilities, and client service.

FORTUNE’s top 50 World’s Most Admired Companies® in 2019!
J.D. Power trophy

#1 in Investor Satisfaction with Full-Service Wealth Management Firms

J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study℠

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Charles Schwab received the highest score in the J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study, which measures investor satisfaction with full-service investment firms. Visit jdpower.com/awards for more details. The J.D. Power 2023 U.S. Full-Service Investor Satisfaction Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee.

IBD award

The only broker to rank in the top three for all 11 years!

Investor's Business Daily: Best Online Brokers 2023

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Investor's Business Daily award was given on January 30, 2023, and is for a 15-month timeframe. The criteria, evaluation, and ranking were determined by Investor's Business Daily. Schwab paid a licensing fee to York Graphic Services, LLC. for use of the award and logos.

Fortune award

Top 50 World's Most Admired Companies™ 2023

Charles Schwab was selected as one of the Fortune® Top 50 World's Most Admired Companies™ for the sixth consecutive year. Schwab ranked #2 overall in the Securities and Asset Management category, with a top rank for innovation, use of corporate assets, quality of management and quality of products/services.

 

 

 

 

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