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Charles Schwab is growing its brick-and-mortar presence to provide wealth services to retail clients.
The financial services and custodial giant said Wednesday it has already opened a handful of what will be 16 new branches in the U.S., with another 25 existing branches expanding or being relocated. Schwab currently operates nearly 400 branches, has 2,120 financial consultants, and $771 billion in retail assets with ongoing advisory services, according to a spokesperson.
In addition to investing in its branch structure, Schwab will be hiring for up to 400 branch-related positions to expand its retail-focused teams. The roles will include financial and wealth consultants who partner with financial advisors working with high—and ultra-high-net-worth clients. The firm added that there will be other job openings in Schwab’s corporate locations, including roles in client service, wealth management and digital and AI roles.
Schwab is making the move because it sees more demand and opportunity from its retail presence, particularly in high-growth, high-wealth regions. While the firm is still focused on digital client interaction, Jeannie Bidner, head of branch network, said in a statement that it sees its branches as a “competitive differentiator” in connecting with and serving clients.
The firm reported client growth of 2.3 million new brokerage accounts and $218 billion in assets in the first half of 2025, bringing total brokerage to $37.7 million and total assets across all accounts—including workplace and banking—to $10.96 trillion.
Schwab, which is based in Westlake, Texas, has opened one of the new branches in Austin and will be opening another in the greater Austin area. Five new branches will be in Florida, and three will be in California, which are also states that will see branch expansions.
In recent years, J.P. Morgan Chase has also been ramping up its so-called “affluent offerings” by opening J.P. Morgan Financial Centers to serve retail clients. In July, it said it planned to have 31 of these centers by the end of 2026.
On Wednesday, broker/dealer Edward Jones also announced it is establishing new hub offices as the firm continues to augment its offerings to attract more high-net-worth clients. The firm’s Edward Jones Generations service for high-net-worth clients opened its first location in Scottsdale, Ariz., with additional hubs set to open in the fall and early 2026.
A Schwab spokesperson declined to say when the firm expects to have finished adding the 16 additional branches.
Earlier this year, Schwab expanded its online trading services to retail clients to capture heavy trading volume. In February, the firm opened its overnight trading option to all retail clients, giving them 24-hour trading capabilities similar to those of competitor Robinhood.
The retail business line sits adjacent to Schwab’s role as the country’s largest custodian of registered investment advisors. According to a 2024 fact sheet, it works with almost 15,000 advisors and oversees $3.99 trillion in client assets. The firm is also still focused on investing in services for independent advisors, having launched a new membership program for that market segment earlier this year.