| By Jim Bruene on April 21, 1997 4:47 PM | Comments (0) |
Charles Schwab (San Francisco, CA; $270 billion; 4.2 million accounts) reported that its online account base grew to 712,000 active accounts in February, an increase of nearly 100,000 accounts during the first two months of the year. In comparison, account growth averaged 23,000 accounts per month during 1996. Total assets in online accounts topped $50 billion in February, a gain of $8.3 billion YTD.
Schwab claims a 50% share of the online investment market. Schwab, which pioneered the discount brokerage industry in 1974, has offered online trading since 1984. Web-based trading began last summer. Schwab serves its 4.2 million active investor accounts primarily through telephone and PC trading. Although its 236-branch network is critical for asset gathering and credibility. Last year Schwab said that 60% of its calls and 36% of trades were handled by automated voice response or computer.
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