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.
SAN FRANCISCO — A small company is betting that it can turn defined benefit plans into a mainstream product for financial advisers to sell.
Bank of America Corp. said it has completed its $3.3 billion purchase of U.S. Trust Corp. from Charles Schwab Corp.
More mutual fund companies soon will offer individual investors access to a strategy that is popular among institutional investors who are trying to outperform a benchmark.
CHICAGO — Data gathered by Boston-based research firm Cerulli Associates Inc. confirm what most observers have long suspected: Fidelity Investments is the nation’s individual-retirement-account powerhouse.
J. Thomas Bradley Jr., president of TD Ameritrade Institutional, is feeling the heat from financial advisers as he tries to balance their concerns and the demands of his parent firm, TD Ameritrade Holding Corp., to continue to increase assets.
Brokers at A.G. Edwards Inc. won’t have to worry about losing their wealthy clients, according to Stan Kelly, president of Wachovia Wealth Management.
Wachovia Securities has been added to a lawsuit challenging the legality of firms’ bank deposit sweep programs.
Merrill Lynch, Morgan Stanley, Smith Barney and Charles Schwab are being sued for allegedly illegally forcing clients into lower paying deposit accounts, enabling the firms to reap “billions” in extra profits.
Two hedge funds are pressuring TD Ameritrade to sell out to E*TRADE or Schwab, according to press reports.
Bank of America Corp. is counting on a new advisory business to help retain ultrahigh-net-worth clients once its $3.3 billion deal to acquire U.S. Trust Corp. from San Francisco-based Charles Schwab Corp. closes next month.
IRVINE, Calif. — The major sponsors of fee-based brokerage accounts claim they will need six months to a year to transition clients out of the accounts.
Brokerage firms, preparing to transition existing customers into alternative fee programs, are putting the freeze on new fee-based brokerage accounts.
Charles “Chuck” Schwab again dismissed speculation that his company might acquire TD Ameritrade Holding Corp. or E*TRADE Financial Corp. by suggesting the two rivals might form a good union themselves, according to press reports.
SAN FRANCISCO — Schwab Performance Technologies Inc. is waiving the $10,000 license charge for its PortfolioCenter portfolio accounting software for advisers with 50 or fewer accounts.
