The Museum
of American Finance honored Charles R. Schwab, at its annual gala on
January 12, 2016.
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Charles R. Schwab at the Museum of American Finance (Photo: Elsa Ruiz)
This was the museum’s inauguration of its Financial Innovation Award,
recognizing individuals who have introduced new markets or new financial
instruments to the financial system.
Announcing the award, the museum said of Mr. Schwab: “Often credited
with ‘democratizing’ investing, Mr. Schwab has driven countless
innovations in the investment services industry designed to help
individuals make the most of saving and investing, including 24/7 access
to services; the one-stop mutual fund supermarket providing access to
thousands of no-load, no transaction fee mutual funds; custodial
services for independent registered investment advisors; online
investing and many others.”
“Charles Schwab is the perfect inaugural Financial Innovation Award
recipient, given his many creations that assisted and championed the
individual investor,” said David Cowen, President and CEO of the Museum
of American Finance.
Charles (“Chuck”) Schwab started the San Francisco-based Charles Schwab
in 1971 as a traditional brokerage company and in 1974 became a pioneer
in the discount brokerage business.
Mr. Schwab took an early lead, offering a combination of low prices with
fast, efficient order executions, and soon became the nation's largest
discount broker. Today, the company is the nation's largest publicly
traded investment services firm with over $2.5 trillion in client assets
and provides a full-service investing, wealth management and banking
experience to clients domestically and abroad and serves over 10 million
accounts.
Mr. Schwab has been chairman of The Charles Schwab Corporation since its
inception and served as Chief Executive officer for most of its history
until October 2008. He is also Chairman of Charles Schwab & Co., Inc.
and Charles Schwab Bank.
“Our success came from a team of people devoted to finding a better way
for investors. We were on a mission, and still are today, to innovate in
the areas that truly matter to investors: on cost, on ease and access,
and particularly on outcomes – because our ultimate goal is to help
people fulfill their financial dreams,” said Mr. Schwab.
In addition to his professional commitments, Mr. Schwab takes an active
interest in a variety of volunteer and non-profit activities. Along with
his wife Helen, he is the co-founder and chairman of the Charles and
Helen Schwab Foundation, a private foundation that supports
entrepreneurial organizations working in education, poverty prevention,
human services and health. Mr. Schwab also serves as chairman of the San
Francisco Museum of Modern Art.
On January 22, 2008, President George W. Bush named Mr. Schwab chairman
of the President's Advisory Council on Financial Literacy, a
groundbreaking initiative that advised the President and the Secretary
of the Treasury on ways to promote and enhance financial literacy among
the American people.
He is the author of several bestselling investment books, including, How
to Be Your Own Stockbroker, Charles Schwab's Guide to Financial
Independence, It Pays To Talk, written with his daughter,
Carrie Schwab-Pomerantz, and You're Fifty — Now What?
Mr. Schwab was born in Sacramento, California. He is a graduate of
Stanford University, earning a Bachelor of Arts degree in economics and
a Master of Business Administration degree from Stanford Graduate School
of Business.
About Schwab
At Charles Schwab we believe in the power of investing to help
individuals create a better future. We have a history of challenging the
status quo in our industry, innovating in ways that benefit investors
and the advisors and employers who serve them, championing our clients’
goals with passion and integrity.
More information is available at www.aboutschwab.com.
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DISCLOSURES:
Trades in no load funds available through Mutual Fund OneSource® service
(including Schwab Funds), as well as certain other funds, are available
without transaction fees when placed through schwab.com or our automated
phone channels. Schwab's short-term redemption fee of $49.95 will be
charged on redemption of funds purchased through Schwab's MutualFund
OneSource® service held for 90 days or less. Schwab reserves the right
to exempt certain funds from this fee, including Schwab Funds®, which
may charge a separate redemption fee, and funds that accommodate
short-term trading. Funds are also subject to management fees and
expenses.
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