Charles Schwab is doubling down on its retail presence, announcing plans to open 16 new branches across the United States and hire up to 400 staff to bolster its wealth advisory teams.
The Texas-based financial services and custodial firm said Wednesday it has already opened several of the planned locations, with another 25 existing branches set for expansion or relocation.
The growth initiative underscores Schwab’s belief in the continued importance of in-person financial advice, even as digital services remain central to its strategy.
The new hires will include financial and wealth consultants working alongside financial advisors to support high-net-worth and ultra-high-net-worth clients.
Additional positions will be available in Schwab’s corporate offices, spanning client services, wealth management, and roles focused on digital innovation and artificial intelligence.
Jeannie Bidner, head of Schwab’s branch network, described the physical footprint as a “competitive differentiator” in connecting with and serving clients.
Schwab is targeting expansion in high-growth, high-wealth markets such as Texas, Florida, and California. One of the first new branches has already opened in Austin, with another set to follow in the metro area.
Five new locations are slated for Florida and three for California, alongside branch expansions in both states.
While Schwab continues to prioritise digital engagement, the company noted that its retail branches play a crucial role in offering personalised wealth management, particularly in regions where demand for financial advice is surging.
