Charles Schwab Corp. announced plans to hire more than 400 new wealth-related positions as part of a broader effort to strengthen its in-house brokerage business. According to AdvisorHub, the Texas-based firm also intends to open 16 new wealth branches and expand or relocate 25 existing locations from its current network of 400.

In its statement, Schwab emphasized that the initiative highlights its commitment to serving its fast-growing retail client base through a mix of channels, including in-person guidance and personalized service. AdvisorHub reports, Jeannie Bidner, head of the Branch Network, noted that despite the industry's increasing reliance on digital platforms and robo-advice, Schwab views its physical branch network as a key competitive differentiator.

According to AdvisorHub, the announcement marks a strategic shift for Schwab following its 2020 acquisition of TD Ameritrade. A company spokesperson stated that the past several years have focused on Ameritrade integration and branch consolidation. With that work complete, Schwab is now turning to expansion, with new branches planned in affluent areas such as Palm Beach Gardens, Aventura, and Marco Island in Florida; Monarch Beach, Manhattan Beach, and San Francisco's Mission Bay in California; and Bee Cave, Texas, near Austin.

This latest move follows the addition of 2,300 new employees in the first half of the year. Schwab's Investor Services division, which oversees $6.1 trillion in assets, reported net new assets of $31.2 billion in the second quarter. According to AdvisorHub, this is a 55 percent decline compared to the same period in 2024. The firm also remains the largest RIA custodian in the industry, with nearly $4.7 trillion in assets under its Schwab Advisor Services unit.

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