- Chuck Schwab released a memoir called Invested. This is what Jonathan Craig and Carrie Schwab-Pomerantz had to say about the advice they received from Chuck Schwab.
Recently, Chuck Schwab released a memoir called Invested, which summarizes his journey of building up the financial powerhouse company he launched in 1973. Ever since Charles Schwab launched, the company has been on a mission to drive down costs, remove barriers, and make it easier for Americans to participate in the markets.
Charles Schwab Senior Executive Vice President, Investor Services and Marketing Jonathan Craig pointed out that Chuck Schwab has been “driven by a desire to win, move fast, and drive change.” And now Craig pointed out that Chuck Schwab leads with the same spirit of competitiveness he had since starting the company. Now Charles Schwab handles $3.72 trillion in client assets.
“Above all, Chuck is an optimist about the markets and country, even when the markets are screaming otherwise. During the 2008 crash, it was a daunting and scary time for the country. Chuck and Schwab were in the middle of it; but we were stable. While we saw our revenue drop, we didn’t take TARP money,” added Craig. “Chuck’s biggest concern was clients who were selling everything at the bottom. You can’t blame people who had lost so much, but to sell then meant they would miss the inevitable upswing. Chuck appeared in our ads – speaking from the heart urging investors to hang on for the recovery. His simple message, “Smart investing is about taking it year by year by year. It is a little bit of a nightmare, but we handle those by living through them, and looking forward to a better day.’”.
Chuck Schwab’s daughter Carrie Schwab-Pomerantz also shared an anecdote about her father’s investment advice. When Schwab-Pomerantz was 22 years old and was ready to start investing in an IRA, she asked her father for a stock tip. Chuck Schwab simply suggested that she splits the money into two equity funds. This is due to diversification and time in the market as being the most “predictable way to be successful.”
Schwab-Pomerantz acknowledged that she was a little disappointed because she thought her father would give her a “hot stock” to pick and was going to “make a load of money right off the bat.” However, Schwab-Pomerantz pointed out that this was a good lesson.
“It is not about the hot stock. It’s about participating in the markets, in the equity markets. It’s about starting early and being a lifetime saver-investor.”
Recently, Charles Schwab eliminated the fees for buying and selling stocks, ETFs, and options trades made on US and Canadian exchanges.
