Charles R. Schwab Biography
Charles R. Schwab is an American prominent investor, philanthropist, and financial executive. He is the founder and chairman of the Charles Schwab Corporation. Starting in 1975, Charles pioneered discount sales of equity securities. His company became by far the largest discount securities dealer in the United States.
In 2008, he retired as CEO but remains chairman and is the largest shareholder. Forbes estimated his net worth to be $8.2 billion, as of February 2017, making him 76th richest man on the Forbes 400.
Charles R. Schwab Age
He was born Charles Robert Schwab on July 29, 1937, in Sacramento, California, U.S.
Charles R. Schwab Background and Education
Fоr hіѕ ѕtudіеѕ, hеrе аrе thе dеtаіlѕ. Не wеnt tо Ѕаntа Ваrbаrа Ніgh Ѕсhооl. Іtѕ lосаtіоn іѕ іn Ѕаntа Ваrbаrа, Саlіfоrnіа. Whіlе thеrе, hе wаѕ thе gоlf tеаm’ѕ сарtаіn. Не thеn рrосееdеd tо а рrе-соllеgе ѕсhооl саllеd Ноlу Rоѕаrу Асаdеmу fоund іn Wооdlаnd. Uроn соmрlеtіng, hе јоіnеd Ѕtаnfоrd Unіvеrѕіtу. Не еаrnеd а В.А. іn Есоnоmісѕ аnd thе grаduаtіоn уеаr wаѕ 1959. Тwо уеаrѕ lаtеr, hе rесеіvеd аn МВА frоm thе Ѕtаnfоrd Grаduаtе Ѕсhооl оf Вuѕіnеѕѕ. He graduated in 1961 with a Master of Business Administration. Schwab is a knight of the Sigma Nu fraternity.
Charles R. Schwab family
Schwab was born in Sacramento, California, the son of Terrie and Lloyd Schwab. He attended Santa Barbara High School in Santa Barbara, California, and was captain of the golf team. Charles attended pre-college school at Holy Rosary Academy in Woodland, California.
Charles R. Schwab wife
Ѕсhwаb’ѕ fіrѕt mаrrіаgе wаѕ tо Ѕuѕаn Ѕсhwаb. Тhеу wеlсоmеd thrее сhіldrеn, nаmеlу Vіrgіnіа, Саrrіе аnd Сhаrlеѕ Јr. Ѕubѕеquеntlу, hе rеmаrrіеd. Ніѕ ѕесоnd аnd сurrеnt wіfе іѕ Неlеn Ѕсhwаb, аnd thеу hаvе twо сhіldrеn саllеd Неlеn аnd Місhаеl. Ніѕ wіfе іѕ thе рrеѕіdеnt оf thе Сhаrlеѕ аnd Неllеn Ѕсhwаb Fоundаtіоn. Іn аddіtіоn tо thаt, ѕhе іѕ а соunсіl mеmbеr оn thе Аdvіѕоrу Соunсіl оf Fіnаnсіаl Сараbіlіtу оf Рrеѕіdеnt Оbаmа
Charles R. Schwab kids
Charles R. Schwab has 5 children (Charles Jr. (known as “Sandy”), Carrie, Virginia, Michael and Helen).
Charles R. Schwab Height
His height is 1.67 m tall, and his weight is 76 kg.
Charles R. Schwab Net Worth
Schwab has a net worth of $8.5 billion dollars.
Charles Schwab Investment career
In 1963 Charles along with other three partners launched Investment Indicator, an investment newsletter. At its height, the newsletter had 3,000 subscribers, each paying $84 a year to subscribe.
In April 1971, the firm incorporated in California as First Commander Corporation, a wholly owned subsidiary of Commander Industries, Inc., to offer traditional brokerage services and publish the Schwab investment newsletter. In 1972, Schwab bought all the stock from what was once Commander Industries.
Charles Schwab & Co
First Commander changed its name to Charles Schwab & Co., Inc. in 1973. The federal Securities and Exchange Commission deregulated the securities industry, a decisive turning point came in 1975, freeing companies to charge any fees they wanted.
Schwab had long complained that the established firms showed little concern for the needs of their customers: in those times securities were not bought by consumers, they were sold by salesmen, who made higher commissions and profits by selling riskier securities regardless of possible disadvantages to the consumers.
He set up a series of radically different policies. First, charges to consumers were cut in half. Second, salesmen were (and still are today) paid hourly salaries, rather than commissions on the total sale price. Third, Schwab refused to offer any advice to customers.
It also set up a toll-free number to take orders nationwide and later set up a 24/7 telephone system that would allow customers to place orders from anywhere, at any time.
Charles Schwab Investment Philosophy
In 2014, Schwab denounced the rise from 50,000 to 300,000 per second in the number of trade inquiries from 2007 to 2013. He warned that this high-speed trading is a “growing cancer” that threatens to destroy fairness in markets.” He wants these practices either taxed or made illegal.
Charles Schwab Wealth and philanthropy
Schwab as of February 2017 is worth $8.2 billion according to Forbes. The Charles and Helen Schwab Foundation was formed in 1987. In 2013 it reported assets of $270 million and made $13 million in grants. He serves as its chairman; his wife is the president.