This article is a great summary of what has driven Charles Schwab to transform the financial services business for over 40 years. And at 81 he’s still very much involved in putting client interests first. Here is the opening with emphasis added.
Charles Schwab’s cheeks redden in a mixture of amusement and outrage as he recites the ways people on Wall Street make money. They take little nicks, he says, gesticulating with his left hand as if gripping a kitchen knife. High fees, fat spreads, excessive trades. “They all want to do it the old-fashioned way: Take advantage of the customer,” the white-haired chairman and founder of Charles Schwab Corp. says at his San Francisco office, a comfortable 3,000 miles or so west of the New York Stock Exchange. “Get the high commission, baby!”
His blue eyes widen behind his glasses as he describes the Schwab way: Take Wall Street’s principle of free enterprise “but minimize the friction, the cost of investing. It’s gotta be reduced down to near zero.”