The Charles Schwab Corporation (SCHW): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Charles Schwab est devenu une puissance transformatrice, révolutionnant comment des millions d'investisseurs abordent la gestion et le commerce de la patrimoine. En mélangeant stratégiquement la technologie de pointe, les services financiers complets et les solutions centrées sur le client, la société a conçu un modèle commercial sophistiqué qui perturbe les paradigmes d'investissement traditionnels. Cette plongée profonde dans la toile du modèle commercial de Charles Schwab dévoilera les mécanismes complexes qui ont propulsé l'entreprise pour devenir un 7,5 billions de dollars Assets sous gestion du géant, offrant des informations sans précédent sur leur approche stratégique des services financiers modernes.

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: partenariats clés

Sociétés de technologie financière (FinTech) pour l'intégration de la plate-forme numérique

Charles Schwab s'associe à plusieurs sociétés fintech pour améliorer les capacités de plate-forme numérique:

Partenaire	Focus d'intégration	Année établie
Apex Clearing Corporation	Infrastructure de trading numérique	2012
Technologies à plaid	Connectivité du compte financier	2019
Marstone Inc.	Plateformes de gestion de patrimoine numérique	2017

Conseillers en investissement indépendants et sociétés de conseil en investissement enregistrées

Partenariats stratégiques avec des réseaux de conseil indépendants:

• Réseau total de conseillers indépendant: 7 500+ entreprises enregistrées
• Actifs gérés par le canal de conseiller: 1,9 billion de dollars
• Taille moyenne du cabinet de conseillers: 250 millions de dollars d'actifs sous gestion

Alliances stratégiques avec les fournisseurs de services bancaires et financiers

Partenaire	Type de partenariat	Services collaboratifs
Banque d'Amérique	Services multiplateformes	Solutions d'investissement intégrées
Wells Fargo	Planification de la retraite	401 (k) Gestion
Morgan Stanley	Partenariats institutionnels	Plateformes de gestion de patrimoine

Fournisseurs de données et de recherche tiers

PARTENATS DE RECHERCHE ET DE DONNÉES:

• Morningstar: Intégration de la recherche sur les investissements
• Terminal Bloomberg: données financières en temps réel
• S&P Global: Market Intelligence Services

Cloud Computing et Cybersecurity Technology Partners

Partenaire technologique	Service fourni	Investissement annuel
Services Web Amazon	Infrastructure cloud	45 millions de dollars
Réseaux palo alto	Protection contre la cybersécurité	32 millions de dollars
Microsoft Azure	Services de cloud computing	38 millions de dollars

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: activités clés

Développement des plateformes d'investissement et de trading

Charles Schwab a investi 1,8 milliard de dollars dans la technologie et les infrastructures en 2023. La plateforme de trading prend en charge plus de 6 000 fonds communs de placement et 4 500 ETF.

Métrique de la plate-forme	2023 données
Utilisateurs de plate-forme numérique	33,8 millions
Téléchargements d'applications mobiles	15,2 millions
Transactions de trading quotidien	2,3 millions

Services de conseil financier et de gestion de la patrimoine

Charles Schwab gère 7,5 billions de dollars d'actifs clients au T2 2023.

• Conseillers financiers enregistrés totaux: 3 200
• Taille moyenne du portefeuille des clients: 425 000 $
• Comptes gérés: 2,1 millions

Gestion et assistance du compte client

Les canaux de support client traitent environ 45 millions d'interactions clients par an.

Canal de support	Volume annuel
Support téléphonique	22 millions d'interactions
Chat en ligne	12 millions d'interactions
Assistance par e-mail	11 millions d'interactions

Recherche d'investissement et analyse du marché

Schwab utilise 600 analystes de recherche couvrant les marchés mondiaux.

• Rapports de recherche publiés chaque année: 48 000
• Couverture du marché: 70 marchés mondiaux
• Plateformes de recherche propriétaires: 3

Innovation numérique et maintenance des infrastructures technologiques

L'infrastructure technologique prend en charge 33,8 millions de comptes de courtage actifs.

Investissement technologique	2023 métriques
Budget technologique annuel	1,8 milliard de dollars
Investissements en cybersécurité	350 millions de dollars
Employés de la technologie	7,500

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: Ressources clés

Plateformes avancées de trading et d'investissement numériques

Au quatrième trimestre 2023, le support des plateformes numériques de Charles Schwab:

Métrique de la plate-forme	Données spécifiques
Actifs totaux du client	7,5 billions de dollars
Utilisateurs de plate-forme numérique active	33,8 millions
Téléchargements d'applications mobiles	21,4 millions

Capacités approfondies de recherche financière et d'analyse

L'infrastructure de recherche de Charles Schwab comprend:

• Plus de 400 analystes de recherche
• Recherche de capitaux propres couvrant plus de 3 000 entreprises
• Données de marché en temps réel de plus de 90 échanges mondiaux

Solide réputation de la marque dans les services financiers

Classement de marque	Détails
Forbes Best Banks	Top 10 de classement
Valeur de marque	16,2 milliards de dollars
Score de satisfaction du client	4.2/5

Grand réseau de conseillers financiers et de professionnels

Métriques complètes du réseau de conseillers:

• Conseillers financiers totaux: 7 500+
• Actifs du client moyen par conseiller: 124 millions de dollars
• Conseillers d'investissement enregistrés indépendants: 2 200+

Infrastructures technologiques robustes et systèmes de cybersécurité

Investissement technologique	Montant
Dépenses technologiques annuelles	2,1 milliards de dollars
Budget de cybersécurité	450 millions de dollars
Emplacements du centre de données	6 centres redondants

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement et de trading à faible coût

Charles Schwab propose des échanges sans commission pour les actions en ligne, les ETF et les transactions d'options. Au quatrième trimestre 2023, la société a signalé des transactions zéro-commercial sur sa plate-forme.

Coût de négociation	Montant
Trades d'actions en ligne	$0
Trades ETF en ligne	$0
Métiers d'options en ligne	0 $ + 0,65 $ par contrat

Services complets de planification financière et de conseil

Schwab fournit plusieurs niveaux de service consultatif avec des prix compétitifs:

• SCHWAB Portefeuilles intelligents (investissement automatisé): 0% Frais de conseil
• SCHWAB Portefeuilles intelligents Premium: 300 $ Frais de planification initiaux, frais consultatifs mensuels de 30 $
• Services de conseiller personnel: 0,28% de frais de conseil annuels

Plates-formes numériques conviviales pour les investisseurs

Statistiques de la plate-forme numérique à partir de 2023:

Métrique de la plate-forme	Nombre
Comptes numériques actifs	33,8 millions
Utilisateurs d'applications mobiles	20,4 millions

Diverses offres de produits d'investissement

La gamme de produits d'investissement comprend:

• Actions
• ETF
• Fonds communs de placement
• Obligations
• Comptes de retraite
• Trading d'options

Conseils financiers et éducation personnalisés

Ressources éducatives et mesures de guidage:

Type de ressource	Disponibilité
Centre d'apprentissage en ligne	Outils de recherche complets
Webinaires	100+ par an
Consultations individuelles	GRATUIT pour les titulaires de compte

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: relations avec les clients

Plateformes en libre-service en ligne

Charles Schwab propose des plateformes en ligne complètes avec les mesures d'engagement numérique suivantes:

Métrique de la plate-forme	2023 données
Utilisateurs numériques actifs totaux	33,8 millions
Téléchargements d'applications mobiles	15,2 millions
Taux d'ouverture du compte en ligne	92%

Support de conseiller financier dévoué

Charles Schwab fournit des services de conseil financier spécialisés:

• Consultants financiers totaux: 3 700
• Taille moyenne du portefeuille des clients: 1,2 million de dollars
• Canaux de consultation personnalisés: En personne, virtuel, téléphone

Service client numérique et téléphonique

Canal de service	Performance annuelle
Téléphone Soutien d'attente	En moyenne 2,5 minutes
Taux de résolution du support numérique	97.3%
Disponibilité du support client 24/7	100%

Ressources éducatives et outils d'investissement

Charles Schwab fournit des ressources éducatives approfondies sur les investisseurs:

• Webinaires en ligne gratuits: 250+ par an
• Rapports de recherche publiés: 5 000+ par an
• Outils de dépistage des investissements: 20+ outils spécialisés

Approches de gestion des investissements personnalisés

Service de gestion	2023 statistiques
Comptes de portefeuille gérés	380 milliards de dollars
Utilisateurs de portefeuilles intelligents	460,000
Frais de conseil numérique moyens	0.28%

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: canaux

Applications de trading mobile

L'application de trading mobile de Charles Schwab dessert 33,8 millions de clients numériques actifs au 423 du quatrième trimestre.

Métriques d'application mobile	2023 données
Clients numériques totaux	33,8 millions
Utilisateurs actifs mobiles	3,9 millions
Volume de trading quotidien moyen	5,3 milliards de dollars

Plate-forme Web en ligne

La plate-forme Web en ligne de Schwab traite environ 72% de toutes les transactions client numériquement. La plate-forme gère plus de 7,6 billions de dollars d'actifs clients avec une accessibilité 24/7.

• Traitement des transactions numériques: 72%
• Actifs du client gérés en ligne: 7,6 billions de dollars
• Disponibilité de la plate-forme: 24/7

Emplacements de branche physiques

Charles Schwab exploite 324 succursales à travers les États-Unis à partir de 2024, avec un réseau couvrant 47 États.

Réseau de succursale	2024 statistiques
Total des succursales	324
États couverts	47

Support client téléphonique

Schwab maintient un centre de support client gantant environ 2,1 millions d'interactions client par mois, avec un temps de réponse moyen de 3,5 minutes.

• Interactions mensuelles du client: 2,1 millions
• Temps de réponse moyen du soutien: 3,5 minutes

Canaux de marketing numérique et de communication

Les canaux de marketing numérique génèrent 68% des nouvelles acquisitions de clients, le marketing par e-mail atteignant 15,6 millions d'abonnés et plateformes de médias sociaux engageant 2,4 millions de followers.

Métriques du marketing numérique	2024 données
Nouvelles acquisitions de clients via les canaux numériques	68%
Abonders du marketing par e-mail	15,6 millions
Abonnés des médias sociaux	2,4 millions

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: segments de clientèle

Investisseurs de détail individuels

Au quatrième trimestre 2023, Charles Schwab dessert 33,8 millions de comptes de courtage actifs. Le solde moyen du compte était de 301 000 $. Déchange démographique:

Groupe d'âge	Pourcentage
18-34	22%
35-54	38%
55-64	25%
65+	15%

Individus à haute nette

Charles Schwab cible les particuliers avec 1 million de dollars + actifs investissables. En 2023:

• Actifs du client total à forte intensité: 1,47 billion de dollars
• Solde de compte moyen de netteur élevé: 3,2 millions de dollars
• Pourcentage de l'actif total des clients: 42%

Petites et moyennes entreprises

Détails du segment des clients d'entreprise:

Métrique	Valeur
Total des clients bancaires d'entreprise	285,000
Valeur moyenne du compte d'entreprise	1,7 million de dollars
Total des actifs bancaires d'entreprise	486 milliards de dollars

Titulaires de compte de retraite

Statistiques du segment du compte de retraite:

• Comptes de retraite totaux: 12,4 millions
• Actif total de retraite: 815 milliards de dollars
• Solde moyen du compte de retraite: 266 000 $

Conseillers financiers indépendants

Métriques de la plate-forme des conseillers:

Catégorie	Nombre
Conseillers indépendants enregistrés	7,500
Actifs de la plate-forme de conseiller total	2,1 billions de dollars
Actifs moyens des sociétés de conseillers	280 millions de dollars

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: Structure des coûts

Infrastructure et maintenance technologiques

En 2023, Charles Schwab a dépensé 1,54 milliard de dollars en frais de technologie et de communication. Les coûts d'infrastructure technologique de l'entreprise comprennent:

Catégorie de coûts	Montant (2023)
Infrastructure informatique	692 millions de dollars
Systèmes de cybersécurité	287 millions de dollars
Cloud computing	214 millions de dollars
Maintenance des logiciels	346 millions de dollars

Compensation et formation des employés

Les frais de rémunération totale de Charles Schwab en 2023 étaient de 4,2 milliards de dollars.

• Dépenses de salaire de base: 2,1 milliards de dollars
• Bonus de performance: 780 millions de dollars
• Avantages sociaux: 672 millions de dollars
• Formation et développement: 148 millions de dollars

Marketing et acquisition de clients

Les dépenses de marketing pour Charles Schwab en 2023 ont totalisé 537 millions de dollars.

Canal de marketing	Dépenses
Marketing numérique	214 millions de dollars
Publicité médiatique traditionnelle	187 millions de dollars
Campagnes d'acquisition de clients	136 millions de dollars

Compliance réglementaire et dépenses juridiques

La conformité et les frais juridiques de Charles Schwab en 2023 étaient de 392 millions de dollars.

• Conformité réglementaire: 267 millions de dollars
• Opérations du service juridique: 125 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour Charles Schwab en 2023 ont atteint 318 millions de dollars.

Zone de focus R&D	Investissement
Développement de plate-forme numérique	187 millions de dollars
IA et apprentissage automatique	84 millions de dollars
Innovation de produits financiers	47 millions de dollars

The Charles Schwab Corporation (SCHW) - Modèle d'entreprise: Strots de revenus

Commissions commerciales

Au quatrième trimestre 2023, Charles Schwab a éliminé les commissions de négociation pour les actions en ligne, les ETF et les transactions d'options. Le chiffre d'affaires total de négociation pour 2023 était de 1,8 milliard de dollars.

Frais de gestion des actifs

Catégorie de gestion des actifs	Revenus (2023)
Frais de gestion des fonds communs de placement	3,2 milliards de dollars
Frais de fonds échangés en bourse (ETF)	1,5 milliard de dollars
Gestion des investissements institutionnels	2,7 milliards de dollars

Revenu des intérêts des dépôts en espèces du client

Les revenus d'intérêts pour 2023 ont totalisé 11,4 milliards de dollars, ce qui représente une source de revenus importante de la trésorerie et des prêts à la marge des clients.

Frais de service consultatif

• Frais de conseil des portefeuilles intelligents de Schwab: 540 millions de dollars
• Frais de service de conseil personnalisés: 1,2 milliard de dollars
• Frais de plate-forme d'investissement numérique: 380 millions de dollars

Frais de service de gestion de patrimoine

Service de gestion de patrimoine	Revenus annuels
Client privé Schwab	2,3 milliards de dollars
Services de plan de retraite	1,7 milliard de dollars
Services de retraite d'entreprise	1,1 milliard de dollars

The Charles Schwab Corporation (SCHW) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose The Charles Schwab Corporation over the competition right now, late in 2025. It's all about the scale, the price, and the tools they offer across different client types.

Zero-commission trading on US-listed stocks and ETFs.

The commitment to $0 commissions on standard online trades remains a primary draw for active investors. This pricing structure is now the industry standard, but The Charles Schwab Corporation's execution scale supports it.

• Online commission for U.S. exchange-listed Stocks and ETFs: $0.
• Online base commission for Options trades: $0 + $0.65 per-contract fee.
• Daily average trades in October 2025: 8.6 million.
• Daily average trading volume in the third quarter of 2025: 7.4 million.

The initial impact of this pricing shift was estimated to cost the company up to $100 million in quarterly revenue, which represented about 4% of total net revenue at the time of the announcement.

Full-service wealth management and planning at competitive prices.

The sheer volume of assets flowing to the firm suggests confidence in their broader wealth solutions, even without specific fee schedules here. The firm's ability to attract and retain assets is the key metric here.

Metric	Value as of Late 2025	Period End Date
Total Client Assets	$11.83 trillion	October 31, 2025
Total Client Assets	$11.59 trillion	September 30, 2025
Core Net New Assets (Monthly Record)	$44.4 billion	November 2025
Core Net New Assets (Quarterly)	$137.5 billion	Q3 2025

Managed Investing Solutions net inflows grew 40% versus Q3 2024.

Industry-leading platform and support for Independent RIAs.

The platform is a critical value proposition for the advisory community, evidenced by the scale of the data collected from firms that custody assets there. The Charles Schwab Corporation is definitely a dominant player in this space.

The 2025 RIA Benchmarking Study, fielded from January to March 2025, contained self-reported data from 1,288 firms that custody assets with The Charles Schwab Corporation. These firms collectively represent over $2.4 trillion in assets under management.

• Percentage of surveyed RIA firms using Artificial Intelligence: 68%.
• Top leadership traits for the next three years include tech fluency at 33%.
• The 2025 Independent Advisor Outlook Study polled 912 advisors, representing $359 billion in AUM.

Advanced trading tools and education for active traders.

Access to sophisticated platforms like thinkorswim is provided at no extra charge for clients, which is a major value add for active traders who might otherwise pay for separate software.

• Access to the thinkorswim platform suite is available for no charge to The Charles Schwab Corporation clients.
• Client margin loans as of September 30, 2025: $97.2 billion.
• Client margin loan balances expanded 4% month-over-month in July 2025.

The firm is also preparing for future offerings, announcing plans to offer spot Bitcoin and Ethereum trading to clients in the first half of 2026.

Safety and scale of a diversified bank and brokerage model.

The combined balance sheet offers a level of stability that smaller, pure-play brokerages can't match. You see this scale reflected in the total assets and the management of bank funding.

Financial Metric	Amount	Date/Period
Balance Sheet Assets	$465.3 billion	September 30, 2025
Total Active Brokerage Accounts	38.1 million	October 31, 2025
Total Client Accounts	45.7 million	Q3 2025
Remaining Bank Supplemental Funding	$14.8 billion	September 30, 2025
Banking Accounts	2.2 million	October 31, 2025

The Charles Schwab Bank subsidiary received the highest score in the checking and savings segment of the J.D. Power 2025 U.S. Direct Banking Satisfaction Study. The firm reduced total bank supplemental funding by $12.9 billion during the third quarter of 2025.

The Charles Schwab Corporation (SCHW) - Canvas Business Model: Customer Relationships

Dedicated financial consultants and high-touch advisory services.

The Charles Schwab Corporation supports a vast network of independent investment advisors who rely on its custodial services. The 2025 RIA Benchmarking Study, fielded from January to March 2025, captured data from 1,288 firms that custody assets with Schwab, representing over $2.4 trillion in assets under management.

Further insight comes from the 2025 Independent Advisor Outlook Study, conducted from July 21 through August 1, 2025, which polled 912 independent investment advisors who custody assets with Schwab Advisor Services, representing a total of $359 billion in AUM.

Self-service digital platforms and automated tools.

The scale of self-service is evident in the sheer volume of client relationships managed digitally. As of October 31, 2025, The Charles Schwab Corporation served 38.1 million active brokerage accounts, 5.7 million workplace plan participant accounts, and 2.2 million banking accounts.

Total client assets as of October 31, 2025, stood at $11.83 trillion.

Client engagement on digital tools shows high adoption; the Schwab Knowledge Assistant adoption rate is at 90%.

Investor activity reflects platform usage, with daily average trades reaching 8.6 million in October 2025.

The relationship between digital tools and efficiency is quantifiable:

Metric	Value (as of late 2025)	Context
Schwab Knowledge Assistant Adoption	90%	Internal AI tool adoption rate
Daily Average Trades (October 2025)	8.6 million	Reflecting client engagement
Total Client Assets (October 31, 2025)	$11.83 trillion	Total assets under custody/management
Active Brokerage Accounts (October 31, 2025)	38.1 million	Individual investor accounts

Educational content and in-person events (e.g., Schwab IMPACT® 2025).

In-person engagement remains a key touchpoint, particularly for the Advisor Services segment. Schwab IMPACT® 2025, the nation's largest and longest-running gathering of independent advisors, took place in Denver from November 4-6, 2025. This event welcomed an attendance of 5,400 professionals to engage with the wealth management community.

Client interest in new asset classes is supported by educational resources; for example, traffic to Schwab's crypto education resources saw a 400% increase.

Personalized service model, often referred to as Through Clients' Eyes.

The focus on client-centricity is reflected in how advisors define success and where they plan to invest resources. The 2025 Independent Advisor Outlook Study highlighted advisor priorities and self-perception:

• Advisors view themselves as client champions at a rate of 57%.
• Client growth is tracked as a key indicator of success by 40% of firms.
• 71% of advisors are focused on increasing new clients over the next three years.
• 59% of advisors prioritize raising AUM per client, showing a focus on deeper relationships.
• 55% of advisors are focused on driving more referrals.

The total number of client accounts across all segments reached 45.2 million as of Q2 2025.

The Charles Schwab Corporation (SCHW) - Canvas Business Model: Channels

You're looking at how The Charles Schwab Corporation gets its value proposition to its diverse set of customers. It's a multi-pronged approach, blending digital scale with physical presence, which is key to serving everyone from a novice investor to a massive Registered Investment Advisor (RIA) firm.

The primary interface for the retail client segment is through its digital ecosystem. This is where the bulk of daily engagement happens, especially for active traders.

• Direct-to-consumer digital platforms (web and mobile app) support 38.1 million active brokerage accounts as of October 31, 2025.
• Investor engagement on these platforms accelerated, with daily average trades reaching 8.6 million in October 2025.
• The platform saw 429,000 new brokerage accounts opened in October 2025 alone.

Still, the physical footprint remains a critical channel, especially for complex wealth management needs. Charles Schwab Corporation is actively reinforcing this channel.

• Charles Schwab Corporation currently operates nearly 400 branches across the United States.
• As of September 2025, the firm announced plans to add 16 new branches and expand or relocate 25 existing locations, totaling over 40 new locations across the country.

For the institutional side, Schwab Advisor Services acts as a distinct, high-capacity channel. This channel is about custody and operational support for independent advisors.

• Schwab Advisor Services is trusted by over 16,000 independent advisory firms.
• These firms custody over $5 trillion in assets on the Schwab platform.
• In a specific study fielded in mid-2025, 912 polled independent investment advisors who custody assets with Schwab Advisor Services represented $359 billion in AUM.

The dedicated trading platform, thinkorswim®, serves the active trader segment, sitting alongside the core retail offering. This platform is known for its depth of tools, which you'd expect from a service originally built by traders for traders.

Here's a quick look at the scale across the key client and asset metrics tied to these channels as of late 2025:

Channel Metric	Associated Figure (Late 2025)	Data Point Date/Context
Total Client Assets	$11.83 trillion	As of October 31, 2025
Active Brokerage Accounts	38.1 million	As of October 31, 2025
Physical Branch Network Size	Nearly 400	Current operating size as of September 2025
RIA Firms Custodied	Over 16,000	Context referencing 3Q25 growth
RIA Custody Platform Assets	Over $5 trillion	Context referencing 3Q25 growth
Daily Average Trades (Retail)	8.6 million	October 2025

The sheer volume of assets flowing through the RIA channel-over $5 trillion-shows how important that custody relationship is to the overall distribution strategy. For the direct digital channel, the 38.1 million active brokerage accounts are the base for the millions of daily trades. Finance: draft next month's channel utilization variance analysis by end of week.

The Charles Schwab Corporation (SCHW) - Canvas Business Model: Customer Segments

You're looking at the core groups that drive The Charles Schwab Corporation's business, and honestly, the scale is what jumps out first. The company serves a massive, layered client base that spans from individuals just starting out to large advisory firms managing billions. This diversity is key to their stability.

Here's a quick look at the top-line numbers as of October 31, 2025, which really frame the size of these segments:

Metric	Amount (As of October 31, 2025)
Total Client Assets	$11.83 trillion
Active Brokerage Accounts	38.1 million
Workplace Plan Participant Accounts	5.7 million
Banking Accounts	2.2 million

The customer segments are clearly defined by the services they use, which fall primarily under the Investor Services and Advisor Services segments.

Workplace plan participants (e.g., 401(k) accounts), totaling 5.7 million.

This group is substantial and provides a stable foundation of assets. As of October 31, 2025, The Charles Schwab Corporation served 5.7 million workplace plan participant accounts. This segment includes participants in 401(k) plans and equity compensation plans. For instance, a 2025 survey of stock plan participants showed that 76% considered equity compensation very important when evaluating a new job. Also, half of those participants view equity compensation as a critical tool to help achieve retirement goals.

Mass-affluent and affluent individual investors (retail clients).

This is the largest group by account volume, encompassing the retail side of the Investor Services segment. The total number of active brokerage accounts stood at 38.1 million at the end of October 2025. Within this broad base, The Charles Schwab Corporation specifically targets more affluent clients with dedicated offerings. For clients with $1 million - $10 million in total assets, they offer Schwab Private Client Services™, and for those with $10 million or more, there's Schwab Private Wealth Services™. These tiers get access to dedicated teams and pricing discounts, showing a clear effort to serve the high-net-worth end of the retail spectrum.

Independent Registered Investment Advisors (RIAs) and their clients.

This group falls under the Advisor Services business. The Charles Schwab Corporation significantly expanded this segment through the TD Ameritrade integration, which brought in approximately 7,000 Registered Investment Advisors (RIAs) onto the Schwab platform. These RIAs rely on The Charles Schwab Corporation for custody, operational, and trading support. The total client assets managed through this channel contribute significantly to the overall $11.83 trillion in total client assets as of October 31, 2025.

Active traders requiring advanced tools and high-volume execution.

These clients are a subset of the retail base but are characterized by their activity levels, often utilizing the thinkorswim platform suite. Investor engagement remained high in late 2025; for example, in October 2025, daily average trades reached 8.6 million. This high-volume activity is a direct indicator of the active trader segment's engagement. The expansion of 24/5 trading access to a broader range of securities, including S&P 500 and Nasdaq-100 stocks, was a direct enhancement to cater to this demanding group.

You'll want Finance to track the net new assets attributable to the Advisor Services versus Investor Services segments in the next quarterly filing; that'll tell you where the growth momentum is really sitting.

The Charles Schwab Corporation (SCHW) - Canvas Business Model: Cost Structure

The Charles Schwab Corporation reported significant non-interest expenses, totaling $3.05 billion in the second quarter of 2025. Total expenses excluding interest reached $3.1 billion in the third quarter of 2025, contributing to a year-to-date total of $9.3 billion for the first nine months of 2025.

Key components of these operating costs for the second and third quarters of 2025 are detailed below:

Expense Category	Q2 2025 Amount (in millions)	Q3 2025 Amount (in millions)
Compensation and benefits	$1,536	$1,653
Professional services	$291	$293

Technology and data infrastructure costs are embedded within operating expenses, with professional services, which can include integration expenses, reported at $291 million in Q2 2025 and $293 million in Q3 2025. The firm is focused on technology and operational improvements, as noted by RIA firms who see growing importance in these areas.

Compensation and benefits for financial consultants and staff represent a substantial portion of the cost base, with the Q3 2025 figure at $1.653 billion. The structure for paying investment professionals includes:

• Financial Consultants receive 4.4 basis points per $100,000 of client loan balance, equating to $44 per $100,000.
• Trading Consultants earn a base salary plus potential monthly and quarterly incentive compensation.
• Solutions Pay is a one-time payment for attracting new clients and assets to The Charles Schwab Corporation.

Interest expense paid on funding sources is managed actively through balance sheet optimization. The Charles Schwab Corporation reduced higher cost bank funding by $10.4 billion in Q2 2025, leaving $27.7 billion at quarter-end. This reduction continued into Q3 2025, with a further decrease of $12.9 billion, bringing the remaining balance to $14.8 billion as of September 30, 2025. Interest Expense on Debt for the quarter ending June 2025 was $965 million.

Marketing efforts to attract new client assets are supported by incentive structures tied to asset gathering. For instance, Trading Consultants may earn monthly incentives based on bringing Net New Assets to Schwab. The firm saw $80.3 billion in core net new assets in Q2 2025.

The Charles Schwab Corporation (SCHW) - Canvas Business Model: Revenue Streams

You're looking at the core ways The Charles Schwab Corporation brings in money as of late 2025, based on their strong Q3 performance. It's a mix of interest income, fees from managing assets, and transaction-based revenue. Honestly, the interest income side has been a real driver lately.

Net Interest Revenue (NII) from client cash balances was a significant contributor, reaching $3.05 billion in Q3 2025, up from $2.22 billion a year prior. This reflects the firm benefiting from its balance sheet positioning and clients utilizing lending solutions. Total net revenues for Q3 2025 hit a record $6.14 billion, marking a 27% increase year-over-year.

Here's a look at the key components making up that revenue picture. Since the detailed Q3 2025 breakdown isn't fully public in the same way, I'm using the most recent concrete figures available, like Q3 NII and Q1 2025 fee data, to give you the best picture of the revenue mix.

Revenue Stream Component	Latest Reported Period Data Point	Related Metric/Context
Net Interest Revenue (NII)	$3.05 billion (Q3 2025)	Net interest margin expanded sequentially by 21 basis points to 2.86% in Q3 2025.
Asset Management and Administration Fees	$1.53 billion (Q1 2025)	Managed Investing Solutions net inflows grew 40% year-over-year in Q3 2025.
Trading Revenue	$908 million (Q1 2025)	Trading revenue surged by 25% year-over-year in Q3 2025 due to increased client activity.
Lending Income Context (Margin)	$97.2 billion (Q3 2025 EOP)	Margin balances were up 16% versus year-end 2024.
Total Net Revenues	$6.14 billion (Q3 2025)	Represents a 27% year-over-year growth for the quarter.

The fees derived from Asset Management and Administration are tied closely to the total client assets, which reached a record $11.59 trillion in Q3 2025. This stream covers proprietary and third-party funds, including balances in various managed solutions.

Trading Revenue is directly influenced by client engagement. You saw daily average trading volume increase by 30% year-over-year in Q3 2025, hitting 7.4 million trades. This activity drives revenue from options, futures execution, and other transactional services.

Bank Deposit Account Fees and other banking/lending income are intertwined with the NII, but the firm is actively managing its funding costs. Bank Supplemental Funding declined by $12.9 billion during Q3 2025, ending the quarter at $14.8 billion, which helps improve the overall net interest margin.

Advisory fees from managed investing solutions are a key part of the asset management segment. The growth here is strong, with net inflows for these solutions climbing 40% in Q3 2025 compared to Q3 2024. This shows clients are increasingly opting for The Charles Schwab Corporation's guided investment products.

You can see the diversification in the revenue streams is working well, with strong growth across the board:

• Net Interest Revenue (NII) growth was a major factor in Q3 2025.
• Asset Management & Administration Fees benefit from $137.5 billion in Q3 core net new assets.
• Trading Revenue is fueled by over 1 million new brokerage accounts added in Q3 2025.
• Advisory fees are supported by the overall 17% year-over-year increase in total client assets.

Finance: draft 13-week cash view by Friday.