Charles “Chuck” Schwab shares about his life during broadcast at DU
It was a high-profile, packed four hours as Charles Schwab broadcast live from the Sie Complex at the University of Denver Oct. 3. Charles Schwab Founder and Chairman Chuck Schwab, NBC Today Show’s Financial Editor Jean Chatzky and two-time Olympian and World Cup champion Mia Hamm were among the guests interviewed by a variety of Schwab hosts.
Chief Investment Strategist Liz Ann Sonders sat down with Schwab to talk about his life and his new book, “Invested.” Schwab launched his company in 1975, shifting away from how securities were bought and sold at the time.
Most companies paid their sales team by commission, which incentivized the employees to sell riskier stocks to make more money. Schwab paid his sales teams hourly and reduced the fees charged to consumers.
Schwab shared that he continues to feel that there shouldn’t be any barriers to investing, referencing the company’s Oct. 1 announcement that beginning Oct. 7, every Schwab client can trade U.S. stocks, exchange-traded funds and options commission-free.
“I hope we continue to be agents of change for the better,” he said. Schwab noted that there are about 10,000 people retiring each day. He wants Schwab to be the place where people turn because the representatives have no conflict of interest and customers can get help from retirement planning through the end of their lives.
Sonders asked Schwab about his love of sports and some of his challenges growing up, including having dyslexia.
Schwab shared that he had no idea he was dyslexic until he took his son in for testing and realized he had the exact same issues as a child. He joked that the only reason he made it into Stanford was because he was good at golf. But Sonders wondered if he felt this disorder had any benefits for him.
“I think more conceptually,” he said. Schwab shared that he isn’t good with detail, but he felt it makes him think in broader terms and maybe without limitations. He also recommended that people have hobbies. “Find another passion,” he said, encouraging people to get away from investing so they don’t make bad short-term decisions.
While there was talk of a recession and uncertainty in the four-hour broadcast, Schwab described America as the greatest country in the world, where companies thrive on innovation and change.
“I’m a growth junkie,” he said. “Every company in America is built to grow.”
Thank you to Charles Schwab for their sustained corporate partnership with the Daniels College of Business. Through their sponsorship of case competitions and student consulting projects and their recruitment efforts, Schwab has impacted Daniels students both inside and outside of the classroom.