In the early days at Charles Schwab Corp. the company was seen as a discount broker for amateurs and was not taken seriously; the firm now brings in hundreds of millions of dollars each day and saw more than $220bn flow in during 2018; some of Wall Street’s staples have copied Schwab’s moves by offering low fees and robo advice; the moves by Schwab has forced the entire wealth management market to rethink how they serve customers, the cost of products and what they can do to compete with what Schwab has managed to build int he last 20 years. Source.
