Charles Schwab: How One Company Beat Wall Street and Reinvented the Brokerage Industry

by John Kador

Book Overview

Schwab's revolutionary approach to success in the face of adversity Since its founding in 1973, Schwab has led the full-brokerage market by stressing customer service. Today, Schwab has established... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0471660582
• ISBN13: 9780471660583
• Release Date: February 2005
• Publisher: Wiley
• Length: 324 Pages
• Weight: 0.85 lbs.
• Dimensions: 0.9" x 5.8" x 8.8"

Customer Reviews

Charles Schwab is a great company

The brokerage industry is filled with companies who are out for themselves, and the only thing that counts to them is money. I really admire Charles Schwab for wanting to be different and put clients ahead of his and his firm's interest. Contrary to other firms, employees at his firm are paid salaries instead of commission so there is no conflict of interest. The company's salespeople do not make sales calls. If clients need a service or product, they can call the company themselves. I highly recommend this to readers. I found this book very delightful to read. If you are unhappy with your current broker or advisor, there are other avenues. - Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

Fearless Inventory

While the folks at Schwab will probably wince once or twice as they read this book, if they're smart they'll see this as a valuable learning opportunity. Companies pay consultants millions of dollars to get what business writer John Kador provided at no cost to the company: a fearless inventory of how the world perceives Charles Schwab & Co. For the most part, it's an extremely positive perspective. This book is a refreshing departure from the countless business histories that are written for no other purpose than to profit from exposing the personal frailties of the rich and famous. Instead, author Kador provides an inspiring account of how a middle class boy from California worked his way up from raising chickens to the rich CEO of the largest discount brokerage in the world. Unlike the Wall Street celebrities of the 1990s whose quest for personal gain caused them to look no further than the price of a company's stock, Schwab forged his path to success by automating the mundane details of his brokerage firm's back office operations. Throughout, Schwab insisted on ethical practices that eliminated the conflicts of interest that created so much heart ache for brokerages and investors alike. The book describes how Schwab leveraged these values to build an organization to help investors help themselves. The book suggests that Schwab does best under adversity. If so, the company has its work cut out for it. While Kador is optimistic about the company's opportunities, he lays out a number of challenges the company must rise to. Now its Schwab's turn. Notoriously thin-skinned, the company has a choice. It can swallow hard and heed the hard truths in these pages. Or it can dismiss the book as a hatchet job. Customers and investors take note.

best business book in a long time

This is one of the most compelling business books I've ever read. I had no idea there was so much drama and intrigue in the evolution of the Charles Schwab Company. This book goes at about 200 mph. Chuck Schwab is a great man with a fascinating story...I highly recommend it.More than anything, the standout line I got was how Schwab emerged from different crises wiser and stronger. I had forgotten that crises can do those positive things.The book gave me a look into the workings of Schwab's inner circle. For example, the book reproduces Chuck Schwab's employment contract with the company. The document shows just how much the company understands the value of Chuck as the company's brand.

Fun to read!

This business book is written in an enjoyable, easy-to-read format that avoids the usual jargon found in many business books. While the author does not take himself too seriously, he does a wonderful jub of describing Schawb the company and the man from Wall St. underdog to the brand icon that transformed the way America thinks about money and investing. Schwab had to fight many forces, break a lot of rules and go against the old boys club of the East Coast (Wall St.) investment monopoly. This is a great book for anyone interested in the history of investing, the rise of a true 20th Century business success story or how a company can get big but still stay true to it's ethical concerns. Highly recommended!

A Wonderful Story of Mission, Vision and Values

Let me begin by saying that John Kador is a friend. If that represents a conflict of interest, then you are welcome to disregard what I have to say about his new book.I thought John did a marvelous job of weaving the tale of a company about which I knew little. Before I opened this book, I had no idea how much I was going to come to admire Chuck Schwab and the thousands who joined in his crusade to bring ethics back to the brokerage industry. I found myself rooting for them at every turn. My heart sank each time they faced near disaster, even though I knew they would eventually survive and thrive. This is a story about mission, vision and values at a time when we hear far too much about companies with questionable ethics. This company stood up for what they believed in time and time again. It gave me hope that it is still possible to form a company based on the clear desire to right a wrong...to make the world a bit better. I also got to know something about Chuck Schwab, the businessman, the icon, and the human being, and I liked what I found. My only regret is that I didn't place my portfolio in their hands many years ago, if for no other reason than to support them in their crusade. And because I was able to follow along on John's progress as he wrote, I appreciate the great passion and care he put into every word. Unfortunately, the reaction from Charles Schwab, the company, has not been favorable. What a shame. Throughout its history, this organization never passed up the opportunity to learn in the face of news they didn't want to hear. If only they would listen carefully, they would find that John really does care about them, and truly hopes his work can be a source of positive change rather than denial.Well done my friend!