Charles R. Schwab founded the discount-brokerage firm that bears his name and helped democratize stock investing for ordinary Americans. After commissions were deregulated in 1975, he pioneered low-cost equity trading, and over five decades built The Charles Schwab Corporation into the largest publicly traded investment-services company in the United States.
Schwab stepped down as CEO in 2008 but remains chairman and the company's largest individual shareholder, giving him enduring influence over a platform that held roughly $10.31 trillion in client assets in 2025. The firm's 2020 acquisition of TD Ameritrade consolidated the retail-brokerage industry, and Schwab added $367 billion in net new assets in 2024 as that integration completed.
Now in his late 80s and based in Florida, Schwab has also been a significant Republican political donor. His company's scale means that decisions about cash sweeps, order flow, fees, and advice ripple across the retirement and brokerage accounts of tens of millions of households.
What they control
- The Charles Schwab Corporation, as founder, chairman, and largest individual shareholder
- A platform custodying roughly $10.31 trillion in client assets (2025)
- Schwab Bank and the cash-sweep deposits generated by brokerage clients
- Market structure for retail investing, including order routing and the former TD Ameritrade franchise
- A substantial record of Republican political giving
Key institutions & holdings
Largest publicly traded U.S. investment-services firm; ~$10.31T client assets in 2025.
Holds sweep deposits from brokerage cash balances.
Bought in 2020 and integrated into Schwab by 2023-2024.
Key facts
- Born July 29, 1937; pioneered discount brokerage after commission deregulation in 1975.
- Stepped down as CEO in 2008 but remains chairman and the company's largest individual shareholder.
- The Charles Schwab Corporation held about $10.31 trillion in client assets in 2025, the most of any publicly traded U.S. investment-services firm.
- Acquired TD Ameritrade in 2020 and added $367 billion in net new assets in 2024 as integration completed.
- Forbes estimated his net worth at about $13.5 billion in January 2026.
- In 2022 the company paid $187 million to settle SEC charges that its robo-adviser misled clients about cash holdings.
Timeline
- 1975Pioneers discount equity brokerage after the deregulation of trading commissions.
- 1987The Charles Schwab Corporation completes its initial public offering.
- 2008Steps down as CEO while remaining chairman and largest shareholder.
- 2020Schwab acquires rival TD Ameritrade, consolidating the retail-brokerage industry.
- 2022-06Schwab pays $187 million to settle SEC charges over its Intelligent Portfolios robo-adviser.
- 2025-01Rick Wurster becomes president and CEO; Schwab remains chairman.
Controversies
$187 million SEC robo-adviser settlement · 2022
From 2015 to 2018, Schwab Intelligent Portfolios held 6% to 30% of client assets in cash deposited at Schwab's own bank while marketing the cash allocation as return-optimized; internal analysis showed it would reduce client returns. Schwab subsidiaries paid $52 million in disgorgement and a $135 million penalty in 2022.
Cash-sweep scrutiny · 2024-2025
Schwab, like other large brokerages, faced investor lawsuits and regulatory scrutiny over the low interest paid on idle client cash swept into affiliated bank deposits that profit the firm.
Republican political giving · 2000-2026
Schwab has been a major donor to Republican candidates and conservative causes, drawing attention given his firm's broad retail-investor base.
Network
- Rick WursterSuccessorBecame president and CEO of Charles Schwab on January 1, 2025.
- Walt BettingerPredecessorLong-serving CEO who handed the role to Wurster and moved to co-chairman.
- Helen O'Neill SchwabSpouseCo-leads the family's philanthropy through the Charles and Helen Schwab Foundation.
Why this matters
Schwab's firm holds the savings and retirement assets of tens of millions of ordinary Americans, more than $10 trillion in all. How it handles idle cash, order flow, fees, and investment advice directly affects ordinary households' returns. As founder, chairman, and largest shareholder, Schwab shaped the retail-investing system most Americans rely on, and the company's regulatory settlements show how the fine print of low-cost investing can quietly cost savers.