Most people confuse him with a popular American steel magnate during the first half of the 20th century, but financial entrepreneur Charles “Chuck” Schwab need not credit his acclaim to his namesake. As the founder of and chairman of Charles Schwab Corporation, he was able to make a name in the finance industry all on his own.
Schwab’s career began in 1963 when he was only 26 years old. With two other partners, he launched “Investment Indicator”, a newsletter dedicated to everything about investments. The newsletter reached 3,000 subscribers in a matter of years, and in 1971 was incorporated in California as First Commander Corporation, a subsidiary of Commander Industries, Inc. In that same year, Schwab and four other investors purchased all the stock from Commander Industries, Inc. A year later, Schwab managed to buy all the stocks. He changed its name to Charles Schwab & Co., Inc, a company that offered discount brokerage services. Within five years, his clients grew to a total of 374,000, thanks to the company’s 24-hour quotation service and international office in Hong Kong.
Schwab’s beginning from a publisher to a financial entrepreneur is admirable. Today, his company serves 8.2 million client brokerage accounts, which includes beginners and middle class investors. Aside from over 300 offices in America, Puerto Rico and London, Schwab also brings his brokerage services to people all over the world with online investing. This service is best suited for frequent traders with its huge spread of various investment products.
By helping thousands of small to large scale companies and private individuals make smart decisions with money, Schwab has become household name in the finance industry. He has also empowered other entrepreneurs by sharing his personal experiences in starting his own business, and motivating others to take the same risks. Creating wealth not only for himself but for others is truly his “life’s pursuit”.