Charles Schwab to Open 16 New Retail Branches, Hire Wealth Consultants

Core Insights - Charles Schwab is expanding its physical branch presence to enhance wealth services for retail clients, with plans to open 16 new branches and relocate or expand 25 existing ones [2][4] - The firm aims to hire up to 400 branch-related positions, focusing on financial and wealth consultants to serve high-net-worth clients [3] - Schwab reported significant client growth, adding 2.3 million new brokerage accounts and $218 billion in assets in the first half of 2025, bringing total brokerage accounts to 37.7 million and total assets to $10.96 trillion [5] Company Expansion - Schwab has already opened several new branches, including locations in Austin, Florida, and California, as part of its strategy to tap into high-growth, high-wealth regions [6] - The firm views its branches as a competitive differentiator, complementing its digital client interaction strategy [4] Industry Context - Other financial institutions, such as J.P. Morgan Chase and Edward Jones, are also enhancing their offerings for high-net-worth clients by establishing new service centers and hub offices [6][7]