The Charles Schwab Corporation is a well-known American financial services company that provides a wide range of brokerage, banking, and wealth management services to individual investors and institutions. The company was founded by Charles R. Schwab in 1971 as First Commander Corporation and later renamed The Charles Schwab Corporation in 1973. It was established with the vision of making investing more accessible and affordable to all. As one of the largest brokerage firms in the United States, Charles Schwab is publicly traded on the New York Stock Exchange (NYSE) under the ticker symbol "SCHW." It is also a component of major stock market indices, including the S&P 500.
Charles Schwab is primarily known for its discount brokerage services, which revolutionized the investment industry by offering low-cost trades and eliminating the need for traditional stockbrokers. This innovative approach allowed individual investors to manage their portfolios more efficiently and cost-effectively.
The company's core business revolves around providing brokerage services for buying and selling various financial products, such as stocks, bonds, mutual funds, exchange-traded funds (ETFs), and other investment options. Additionally, Charles Schwab offers banking and lending services, retirement planning, wealth management, and financial advisory services to its clients.
Over the years, Charles Schwab has grown through acquisitions and expansions into various areas of financial services. In November 2019, the company announced its acquisition of TD Ameritrade, a significant move that further solidified its position as a leading brokerage and wealth management firm in the industry.