Office address: 3000 Schwab Way, Westlake, TX 76262
Website: www.schwab.com
Year established: 1971
Company type: non-discretionary investment advisory program
Employees: 35,300+
Expertise: venture capital and private equity, finance, mutual funds, ETFs, stocks, options, futures, bonds, CDs and fixed income, money market funds, cash solutions and rates, annuities, cryptocurrency, brokerage and trading, retirement accounts (IRAs), education and custodial
Parent company: N/A
Key people: Walter Bettinger II (CEO), Charles Schwab (co-chair), Rick Wurster (president), Steve Anderson (managing director), Mike Verdeschi (CFO), Dennis Howard (CIO), Stacy Hammond (CMO), Tim Heier (CTO)
Financing status: N/A
Charles Schwab is a Westlake-based investment services company, known for its innovative approach to investing. The company has over 35,300 employees across more than 420 global locations. As of 2024, Charles Schwab manages over $9.92 trillion in client assets.
Schwab’s subsidiaries provide a full spectrum of services, including brokerage, banking, and financial advisory, challenging traditional Wall Street practices in support of clients.
Founded in 1971 by Charles Schwab, the firm initially offered discounted brokerage services to make investing accessible to more Americans. In 1975, after brokerage fees were deregulated, Schwab seized the opportunity by reducing fees and attracting cost-sensitive investors. The company went public in 1987, further strengthening its reputation in financial services.
The organization led the industry with one of the first online trading platforms, making stock trading more convenient. In 2020, it acquired TD Ameritrade, solidifying its role as one of the top brokerage firms in the country. By 2023, Charles Schwab had become a major financial institution, managing trillions of dollars in assets and adapting to digital finance advancements.
Charles Schwab offers a range of investment, banking, and advisory services designed to support both individual investors and financial professionals:
For over 50 years, Charles Schwab has prioritized accessible investing with transparent pricing and $0 online trades. The firm promises client satisfaction and security from unauthorized activity.
Charles Schwab’s culture centers around client commitment and teamwork. Employees work in a collaborative environment, united by the mission to put clients first and challenge the status quo. Schwab supports staff with a comprehensive benefits package, including:
The company’s environmental initiatives focus on sustainable practices, guided by a commitment to reducing ecological impacts through efficient resource management. Charles Schwab’s ESG goals emphasize sustainable buildings and solar energy initiatives, aiming to enhance efficiency and transparency in its environmental performance:
Schwab fosters a diverse and inclusive workplace, valuing the unique backgrounds and perspectives of its employees. The firm’s commitment includes various initiatives aimed at broadening opportunities and enhancing representation:
Charles Schwab’s approach empowers employees to make meaningful contributions while advancing professionally. Its focus on innovation and inclusivity defines a work environment that values service and supports employees’ personal growth.
Walter W. Bettinger II serves as the CEO and co-chair of Charles Schwab’s Board of Directors, guiding the company’s strategic direction. Before joining Schwab, Bettinger founded Hampton Pension Services and worked in the pension division of Westfield Insurance. He is an alumnus of Harvard Business School, Ohio University, and Delta State University.
The executive team at Charles Schwab drives the company’s strategic vision and operations across various departments:
Charles R. Schwab is a founder and co-chairman, shaping company strategy and mission
Rick Wurster serves as president, overseeing client offerings and operational management across Charles Schwab’s service lines
Steve Anderson is a managing director, head of workplace financial services, managing retirement and employee benefit plans
Mike Verdeschi as a managing director and CFO, leads the company’s financial strategy and fiscal oversight
Dennis Howard acts as a managing director and chief information officer, directing technology infrastructure and cybersecurity efforts
Stacy Hammond, serving as managing director and chief marketing officer, spearheads Schwab’s branding and marketing initiatives
Tim Heier as managing director and chief technology officer drives innovation and development of Schwab’s technology platforms
Following its post-migration to TD Ameritrade, Charles Schwab has streamlined its services for smoother customer experiences, especially around advisor interactions and digital features. While some advisors seek alternative custodians, the company remains committed to supporting its clients through targeted service enhancements and maintaining its non-competitive stance with advisors. The firm has also bolstered technology upgrades to align with its expanded scale, keeping advisors engaged with improved tools and resources.
In 2024, Charles Schwab was recognized by Wolfe Research as a leading retail broker, supported by robust fundamentals and the strength of rising interest rates. The company’s capital position enables it to pursue growth opportunities, including share buybacks, solidifying its role as a resilient player in the financial sector. Schwab’s client-focused approach, disciplined financial management, and advisor-friendly policies continue to underscore its dedication to success.
Merger-and-acquisition volume among RIA firms continues to run at a record pace.
To deal with the “Roth revolution” that starts next year, advisers' best tool may be a crystal ball.
While The Charles Schwab Corp. reported a 34% drop in overall earnings for the third quarter, its adviser services business proved to be a bright spot.
The SEC's warning to the Charles Schwab Corp. that <a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20091015/FREE/910159992>it could face civil charges</a> over two fixed-income mutual funds may have a direct effect on current and looming legal actions from investors over losses suffered in the funds.
The pending rule changes around Roth IRA conversions present a huge business opportunity for financial advisers to have deeper conversations with clients, according to a new survey by Charles Schwab & Co. Inc.
Citigroup Inc.'s announcement that it will convert most of the brokers in its bank-based network into fee-based advisers has many of its brokers wondering how they will get paid and what they will be selling.
In another acknowledgment of the rapid rise of independent investment advisers, Putnam Investments is creating a distribution channel dedicated solely to selling its products to them.
JPMorgan Chase & Co. and Bank of America Corp. may be giants of the financial services world, but they're retrenching when it comes to serving independent advisers.
Morningstar Inc. is trying to shake up the market for portfolio management and reporting software by offering something no one else can offer: its proprietary analytics databases.
There are more positives than negatives in the current economy, but the negatives should not be overlooked, Liz Ann Sonders said today speaking at an Investment Management Consultants Association conference in Atlanta.
Fidelity Investments has hired David Canter, a lawyer who spent more than eight years at competitor Charles Schwab & Co. Inc., for a newly created position as chief operating officer of its investor wealth services unit.
In an effort to attract stockbrokers who are migrating to a fee-based advisory practice, First Allied Securities Inc., this week will introduce a “hybrid” operational platform that has been engineered by Pershing LLC.
The Financial Industry Regulatory Authority Inc. is investigating whether broker-dealers are meeting their obligations to municipal-bond issuers who seek distribution to retail investors.
In an effort to attract stockbrokers migrating to a fee-based advisory practice, First Allied Securities Inc., next week will introduce a “hybrid” operational platform that has been engineered by Pershing LLC.
The worst of the recession may be over, but the financial system still faces risks, Mohamed El-Erian, chief executive of Pacific Investment Management Co., and Laurence Fink, chief executive at BlackRock, warned financial advisers at the Schwab Impact conference last week in San Diego.
