嘉信理财 2024年度报告

Principles that drive our actions for growth Pricematters. Clients deserveefficientexperiences. Trust iseverything. More than ever. And inour industry more thanmost. We will leverageour scale to deliverindustry-leading pricingwithout prospects orclients having to askor negotiate. Earned over time. Lostin an instant. We willfocus on anything we door don’t do that builds orundermines trust and ourrelationship with clients. Every time. We willrespect our clients’ timeby ensuring that everyinteraction a client haswith us is simple and easy. Actions mattermore thanwords. Everyprospective orexisting clientis critical to ourfuture growth. Clients, press, influencers,and employees will givecredit to what we do vs.what we say. We willchallenge everythingwe do to ensure it isconsistent with whatwe believe and sayabout ourselves. No matter how large orsmall. We will valueand delight them at eachpossible opportunity. Table ofContents The Charles Schwab Corporation (NYSE: SCHW) is a financial services firm with a history of innovating andadvocating for individual investors and the advisors and institutions who serve them. In addition to historical information, this Annual Report on Form 10-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act, andSection 21E of the Securities Exchange Act of 1934. Forward-looking statements are identified by words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may,”“estimate,” “appear,” “could,” “would,” “expand,” “aim,” “maintain,” “continue,” “seek,” and other similar expressions. In addition, any statements that refer to expectations,projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements, which reflect management’sbeliefs, objectives, and expectations as of the date hereof, are estimates and outlooks based on the best judgment of Schwab’s senior management. These statements relateto, among other things: the company’s strategy, focus, and actions for growth; delivering stockholder returns; leadership continuity and long-term view; virtuous cycle; positionof strength; business fundamentals; initiatives and investments; scale, capabilities, and service; and client relationships and experience. Achievement of the expressed beliefs, objectives, and expectations described in these statements is subject to risks and uncertainties that could cause actual results to differmaterially from the expressed beliefs, objectives, and expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak onlyas of March 3, 2025.See “Forward-Looking Statements” in Management’s Discussion and Analysis of Financial Condition and Results of Operations on page 24in the Form10-K for a discussion of important factors that may cause such differences. LETTER FROM THECO-CHAIRMAN OF THEBOARD OF DIRECTORS A Winning StrategyUltimately Prevails In addition to completing the largest and mostcomplex acquisition integration in the history ofthe investment brokerage industry, we continuedwith solid organic growth. Clients entrusted uswith $367 billion in core net new assets andopened 4.2 million new brokerage accounts—increases of 20% and 10%, respectively, over2023. Importantly, fourth quarter 2024 growthin net new assets was 51% higher and growthin new brokerage accounts was 23% higherthan for fourth quarter 2023. At year-end, clientassets exceeded the $10 trillion mark, andtotal client brokerage, banking, and workplaceaccounts were in excess of 43 million. In my Annual Report letter last year, I stated“Environments come and go … but successfulstrategy is timeless.” Your company’s results in 2024 provedthis statement to be true, as we remainedcommitted to: •our Through Clients’ Eyes strategy,•a long-term focus, and•the Golden Rule, with an emphasis onserving our clients the way we would want tobe served. Despite a choppy environment, a uniquelycontested Presidential election and the mostintensely competitive year in my 40+ years ofbusiness experience, your company’s resultswere favorable by many measures, and we haveparticularly strong momentum heading into 2025. From a stockholder standpoint, after aparticularly difficult year in 2023, our stockpricegrew from $68.80 to $74.01, leading to a totalreturn of 9% counting dividends. Long-termstockholders continue to be rewarded, as SCHW stock price at year-end for the past 20 years Client assets over the last 20 years (In billions at year-end) our ten-year total return for stockholders hasbeen 166%. I am optimistic about our ability tocontinue to deliver returns for our stockholdersgoing forward—as supported by 20% revenuegrowth and 84% growth in earnings per share(49% on an adjusted basis1) in the fourth quarterof 2024 compared to the same period in 2023. and myself. As Rick steps into the CEO position,I have every confidence he will maintain thisdegree of