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.
Investors in the Schwab Charitable Fund national donor-advised offering now have more investment choices.
Massachusetts regulators sent subpoenas to four brokerage firms on Friday asking about their sales practices relating to inverse and leveraged exchange traded funds weeks after Edward D. Jones, Ameriprise, LPL and UBS restricting the sale of the products or stopped selling them altogether.
TD Ameritrade Holding Corp.'s agreement with regulators last week to buy back $456 million of auction rate securities from individual investors, charities and small-business clients leaves registered investment advisers out in the cold.
TD Ameritrade Holding Corp. reported a better-than-expected fiscal-third-quarter profit last week, but company executives had little to say about the firm's business for servicing independent registered investment advisers.
Financial advisers who have cut back on the work hours of their support staff to economize are reordering their service priorities to make sure clients aren't neglected.
If the market decline of the past year or so has taught the investing public anything, it's that professional investment advice — whether from top Wall Street gurus, mutual fund managers or financial advisers — doesn't ensure success.
The chief driver of satisfaction, according to the study, is the financial adviser, comprising 30% of the total — an increase from 22% in 2008. In contrast, investment performance declined in importance — accounting for only 15% of overall satisfaction, compared with 24% in 2008.
According to published reports, Mr. Cuomo sent a letter of intent July 17 to the San Francisco- based brokerage firm saying he would sue unless Schwab agrees to buy back auction-rate securities from investors, the attorney general's office said.
It didn't take long for Allgen Financial Services Inc., a registered investment adviser, to seize on The Charles Schwab Corp.'s offer to waive electronic stock commissions through next June 30 and reimburse account transfer fees for any new-to-Schwab client that RIAs sign on by yearend.
In another barometer of the continuing pain that fee-based financial advisers are experiencing, The Charles Schwab Corp. has reported that net new assets in its adviser services businesses fell 47% in the second quarter to $7.7 billion, from $14.5 billion a year earlier.
Charles Schwab Investment Management Inc. has filed papers with the Securities and Exchange Commission to offer nine exchange traded funds.
The Charles Schwab Corp. today reported a 31% decline in second-quarter earnings from the year-earlier period, citing low interest rates, restructuring charges and still-weak equities markets.
Late last year, CLS Investments LLC and RegentAtlantic Capital LLC began laying off employees in anticipation of a drawn-out revenue slough.
When Ben Marks set up shop as an independent registered investment adviser in November, he wasn't ready to give up the commissions that helped support him for more than a quarter century at large brokerage firms.
