Our 2020 Annual Report

Today, we published our 2020 Annual Report to Stockholders. While last year feels like a distant memory already, it was a truly remarkable period of extraordinary growth and tremendous challenges. Yet, as I summarize for our stockholders, our continued success in 2020 despite all of its challenges was a testament to the approach Chuck Schwab established in the very early days of this company:

•  A business model rooted in service—to our clients and to each other—and a commitment to treating everyone the way we would want to be treated ourselves;
• A vision for making investing easier and more accessible for everyone; and
• A belief in managing this company with passion and integrity to ensure we are using our strength to protect the hard-earned money that people have entrusted under our care.

This marks the 13th year that I’ve been honored to write to the owners of our company, and while there have been some amazing ups and downs across those years, none of them can compare to 2020. It was a year that has impacted and changed us all. And as I share in my letter to our stockholders, I’ve changed myself—to have an even greater awareness than before of the impact of the color of one’s skin on their life and opportunities, a deeper appreciation for the momentous gaps in how people view capitalism in our country, and a heartfelt sense of gratitude for those first responders who have sacrificed so much in the service of others’ health and safety.

Most of all, it has left me deeply thankful, which is why I begin and end my letter with gratitude for our clients who have entrusted us at record levels, for our stockholders who continue to focus on the long term, and for all of our employees whose dedication, selflessness and willingness to go beyond what is expected for our clients is always an inspiration to me. Thank you.

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