| Charles Schwab Corp. |
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Management CEO: Charles R. (Chuck) Schwab Registered Investment Adviser Firms Schwab's success depends heavily on the success of their independent investment adviser firms. Schwab serves roughly 5,000 independent advisers within its network. Most independent adviser firms are not affiliated with any brokerage firm, are not managed by a brokerage firm, and work independently from the brokerage firm, as adviser firms offer investment services to individuals or businesses. These adviser firms are generally regulated by state/local government or by the federal government and are also governed by the basic principles similar to that of a broker and yet different when rendering objective investment advice. In 2005, the headline of a newspaper for financial advisers read Schwab battles for wirehouse assets announced a new strategy of shifting more accounts from the brokerage firms and transitioning more brokers from the "brokerage world" into registered investment advisers. On November 20, 2006, Schwab announced an agreement to sell U.S. Trust to Bank of America for $3.3 Billion. The deal is expected to close in the second quarter of 2007. Diversity Charles Schwab received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report.
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