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Investment indicator
"Chuck Schwab and two other partners launch Investment Indicator, an investment advisory newsletter. At its height, the newsletter had 3,000 subscribers, each paying $84 a year to subscribe" -
First Commander Corporation
"In April, the firm is incorporated in California as First Commander Corporation, a wholly-owned subsidiary of Commander Industries, Inc., to conduct a conventional broker-dealer securities business and publish the Schwab investment newsletter" -
Buying Commander Industries
"Chuck Schwab buys all stock from what was once Commander Industries" -
Charles Schwab
The corporate name changes to Charles Schwab & Co., Inc. -
SEC
In April, the SEC mandates a 13-month trial period for the deregulation of certain brokerage transactions. -
Commission Rates
On May 1, The SEC mandates negotiated commission rates for all securities transactions. While many brokerages take the opportunity to raise commissions, Chuck seizes the opportunity to create a new kind of brokerage — a discount brokerage. In September, Schwab opens its first branch in Sacramento, CA. -
Seattle Branch
Schwab opens an office in Seattle — the first branch outside of California — and begins offering seminars for customers. -
Extended serive hours
Schwab extends service hours for customer service and quotes from 5:30 a.m. to 9:00 PST, an industry first -
BETA mainframe system
In a "bet-the-company" move, Schwab invests in the BETA mainframe system. The success of this automated transaction and record-keeping system demonstrates that technology can be a key growth driver -
24 hour quotation
Schwab establishes the industry’s first 24-hour quotation service. -
Manhattan location
Schwab becomes a member of the NYSE. The firm opens its first location in Manhattan. Larry Stupski is named President and COO of the firm -
IRA introduced
Schwab is the first to offer 24-hour, 7-day-a-week order entry and quote service. The company’s first international office opens in Hong Kong. The IRA account is introduced. -
Brokerage account
Bank of America acquires the firm for $55 million. Schwab introduces the new Schwab One® brokerage account. -
Mutual Fund Marketplace
Schwab introduces Mutual Fund MarketPlace® with 140 no-load funds. The company launches SchwabQuotes® and introduces The Equalizer®, a DOS-based technology solution that points the way toward an online future. -
Client account/assests
In August, Schwab records its 1-millionth client account. By year-end, client accounts reach 1.2 million with client assets of $7.6 billion. -
247/ buy/sell orders
Schwab becomes the first to allow clients to place mutual fund buy or sell orders 24 hours a day, 7 days a week. -
Market Crash
In July, management leads a buyback from Bank of America for $280 million. In September, The Charles Schwab Corporation completes its initial public offering. In October, the market crashes and the Dow Jones Industrial Average loses 500 points. During the year, Schwab launches Financial Advisors Service to serve independent investment advisors. -
One billion in client assests
Financial Advisors Service exceeds $1 billion in client assets after just one year of business. -
Telebroker
Schwab introduces TeleBroker®, an automated technology for telephone brokerage service. -
Schwab Funds
The company introduces Schwab Funds® money market mutual funds. The Indianapolis service center opens as the first customer telephone service center outside of San Francisco. The first Asia Pacific center opens with bilingual services -
IMPACT
The company introduces the Schwab 1000 Fund, an equity index fund that reaches $191 million in client assets by year-end. Schwab hosts the first annual National Financial Advisors Conference, later renamed IMPACT®. Schwab debuts its first network TV advertising campaign -
Charles Schwab Trust Company
Charles Schwab Trust Company® is created. The company introduces no-annual-fee IRA and the Schwab Mutual Fund OneSource1 service, which offers one-stop-shopping for mutual funds from multiple fund families. -
London location
Charles Schwab Limited opens its first office in London. Employees move into a new Orlando service center. -
Spanish Telebroker
Spanish-language TeleBroker® service is introduced. Total client assets rise above $100 billion mark to $122.6 billion at year-end. -
First website activated
Schwab activates its first website at Schwab.com®. The company acquires U.K.-based discount broker ShareLink and 401(k) plan recordkeeper the Hampton Company, founded by Walter W. Bettinger II -
Web Trading
Web trading goes live. Customers can trade listed and OTC stocks or check balances and the status of orders. The SchwabPlan is introduced, offering companies and their employees access to more than 1,300 mutual funds in a new, bundled 401(k) product. Schwab AdvisorSource® referral service is introduced nationally -
Mutual Fund Report Card
The Charles Schwab Corporation is added to S&P 500 Index. The website registers its 1 millionth online account. Schwab’s Hong Kong office reopens after being closed since the 1987 market crash. Mutual Fund Report Card is introduced with a single-page review of more than 7,700 mutual funds. In December, David Pottruck is named co-CEO of the corporation -
Charles Schwab Canada
Two Canadian brokerages are acquired to create Charles Schwab Canada. Online accounts reach 2 million. TeleBroker adds voice technology. -
eConfirms
Schwab launches after-hours trading for Nasdaq and select listed stocks, with orders accepted online or by phone from 4:30 p.m. to 7:00 p.m. EST Monday through Friday. Schwab launches eConfirms, a new e-mail subscription service that delivers trade confirmations directly to customers, eliminating paper delivery. Schwab becomes the first online brokerage to offer multiple stock order entry for all online trading accounts. -
Schwab and US Trust Merge
Schwab and U.S. Trust merge. The company also acquires CyBerCorp, Inc. to better serve active on-line traders. Schwab introduces pre-market trading for most Nasdaq and listed securities, with orders accepted from 7:45 a.m. to 9:15 a.m. (Eastern time) Monday through Friday. PocketBroker™ wireless investing service is introduced. Schwab Mutual Fund OneSource tops $100 billion in assets. -
Cyber Trader Inc
CyBerCorp, Inc. changes its name to Cyber Trader® Inc. and enhances its service with improved software, educational tools and tiered pricing -
Schwab Equity Ratings
Schwab launches an alternative for investment research, Schwab Equity Ratings®, and two new advisory services for affluent investors, Schwab Private Client® and Schwab Advisor Network®3. Schwab Core Equity Fund and Schwab Hedged Equity Fund are introduced, with both using the Schwab Equity Ratings model -
Introducing Small-Cap Equity Fund
Charles Schwab Bank launches. Schwab Small-Cap Equity Fund is introduced -
Dual Listing
Schwab announces the dual listing of its common stock on Nasdaq and NYSE; later in the year, Schwab sells its seat on the NYSE. Schwab announces the resignation of David S. Pottruck as CEO and the reinstatement of Chuck Schwab as CEO. Schwab and AXA Rosenberg complete a fund adoption agreement and introduce a new group of mutual funds, the Laudus Group4, renamed the Laudus Rosenberg Funds -
Equities
Schwab eliminates account service and order handling fees5 for retail accounts and small business retirement plans. Schwab Equity Ratings inspire the launch of the Schwab Premier Equity Fund™and new Schwab Portfolios™. The company gives all clients access to Schwab Equity Ratings. Charles Schwab Bank and Charles Schwab & Co., Inc. introduce linked checking and brokerage accounts. Schwab rolls out its family of mutual funds onto third-party mutual fund platforms and introduces target funds -
Talk to Chuck
The company makes the move to list its stock solely on the Nasdaq exchange. Schwab launches a new ad campaign: Talk To Chuck™. -
Schwab Managed Portfolios
Schwab lowers and simplifies pricing for equity, option, mutual fund and bond transactions. The firm announces a security guarantee6, covering 100 percent of account losses in any Schwab account arising from unauthorized account activity. In November, the corporation announces an agreement to sell U.S. Trust, its wealth management subsidiary, to Bank of America. In new product news, the company launches Schwab Managed Portfolios™ -
401k Company
The corporation completes the acquisition of The 401(k) Company, a retirement plan provider in Austin, TX, and Charles Schwab Investment Management completes the acquisition of Global Real Analytics, LLC (GRA). Charles Schwab Bank introduces the High Yield Investor Checking®8 account. Joseph R. Martinetto succeeds Christopher Dodds as Chief Financial Officer, and Walter R. Bettinger II is named President and Chief Operating Officer. -
Enhancements and Improvements
The company enhances Schwab.com, improves StreetSmart Pro, upgrades risk management tools on StreetSmart.com, and launches an online community focused on active trading. Walter W. Bettinger II is appointed President and Chief Executive Officer and a member of the board of directors effective Oct. 1, 2008. -
Schwab Bank High Yield Investor Savings account
Schwab introduces Real Life Retirement™ Services with practical tools and resources for those nearing retirement. Charles Schwab Bank launches the Schwab Bank High Yield Investor Savings™ account. The firm cuts fees on its equity index funds and adds a new large-cap growth fund to its Laudus funds lineup. Schwab offers first exchange traded funds (ETFs) that trade commission-free online at Schwab.com. -
Equity reductions/greater value for investors
Schwab announces reductions in online equity trade commissions designed to provide greater value for investors, regardless of the frequency or size of their trades. The Charles Schwab Corporation lists shares on the New York Stock Exchange (NYSE). Charles Schwab and J.P. Morgan join forces in fixed income. Schwab reduces fees on six proprietary exchange traded funds and introduces three low-cost bond ETFs. Schwab completes the acquisition of Windward Investment Management, Inc., renamed Windhave -
App
Mobile App for smartphone users is created -
StreetSmart Edge
Schwab launches a new platform for active traders, StreetSmart Edge®10, designed to simplify complex trading activities and provide a more intuitive experience. Schwab announces mobile deposit capabilities11 for smartphone users, enabling Schwab brokerage and Schwab Bank clients to deposit checks remotely by taking a picture of a check with their smartphone cameras. Schwab launches a new program called Clients Speak12 -
Schwab Bill Pay/Advisor Center
New products and services include: Schwab Index Advantage®, a one-of-a-kind 401(k) plan offer from Retirement Plan Services; Schwab Bill Pay™ and Schwab Advisor Center™ for Schwab Mobile apps; Schwab Global Account™ with 24/7 online access to 12 foreign equity markets13; the Idea Hub™ idea-generation tool and the Walk Limit™ tool from optionsXpress; and StreetSmart Edge Platform in the Cloud -
Technology enhancements
Schwab ETF OneSource™ platform launches, featuring commission-free trades on ETFs from most of the major ETF providers14. Schwab also expands options for funding retirement income with the launch of Schwab Retirement Income Variable Annuity™15. Schwab Performance Technologies launches PortfolioCenter Hosted, a new solution for independent registered investment advisors. Charles Schwab & Co., Inc. opens select branches on Saturdays to offer convenient access to investing services.