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Charles Schwab was incorporated as a brokerage firm in 171 in California. A defining moment for the firm came in 175, when the government deregulated brokerage commissions. Charles Schwab took advantage of the deregulation by focusing on providing informed investors with low-cost access to security transactions.
From the beginning, Schwab invested heavily in technology as a way to lower cost. In 185, Schwab was one of the first firms to recognize that the personal computer could be used as a distribution channel for financial services. In the late 180’s and 10’s, Schwab developed several technology based services that would become central components of its business. These technologies include, the TeleBroker, which is a fully automated telephone system that allowed customers to retrieve real-time stock quotes and place orders. The Schwab Link provided fee-based advisors with back-office custodial services. In addition, Schwab started Advisor Source, a referral service that charges customers an annual fee to manage their investment portfolios. In 1, Schwab introduced the Schwab mutual fund One Source program that helped Schwab customers and non-Schwab customers get mutual funds with great ease and without paying transaction fees. Schwab had solidified its reputation as a low cost broker. Heavy investments in technology and automation systems, Schwab used its low cost structure to fund aggressive marketing campaigns. By the mid-0’s, Schwab appealed to the educated investors who was educated, felt comfortable trading securities without advice, sought lower prices and comfortable using technology.
In early 16, Schwab became the first major brokerage company to offer trading via the Internet. By mid-16, competition among on line traders had increased and prices dropped rapidly. By 18, 14 percent of stock trades were conducted online.
The immediate advantage of trading on line for investors was cost savings. Also, the Internet made the investment information broadly available to many investors. The Internet forced the full service investment firms to adapt the online brokerage in order to gather more customer assets. In addition, the Internet forces the companies to move towards providing the same service provided by the full service investment companies on line.
In 1 Schwab was facing many varied competitors like Merrill Lynch , ETrade and Wingspan bank. In order for Schwab not to be squeezed in the middle, Schwab needs to distinguish itself from the competition and create a category of their own. Customers usually like to deal with offices where they can have access to their consultants and visit them at their locations. The smaller on line companies lacks this feature. Schwab can build on this advantage and widely market it. Also, Schwab can widen the base of its customers by targeting a different category of investors, instead of focusing on the educated investors only, Schwab can tab on the inexperienced customers too. Offering easy to use and understand online brokerage and offering tutorials and easy to navigate web pages can encourage untrained investors who like to be exposed to the trading area. Many of these new investors can turn into educated investors once they have enough exposure and trading experience. Targeting young professionals and young couples is a good starting point. Also, by lowering its trading cost to be lower than Merrill Lynch and by offering full service brokerage online, Schwab could maintain its customer base and add more to it to achieve trading volumes consistent with its financial goals.
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