Cultures In Conflict

Published Friday, October 01, 2004

Imagine a business designed specifically to help increase the size of client accounts — but one whose best success stories end in a customer outgrowing the firm and departing for a rival. This, more or less, was the conundrum facing Charles Schwab & Co. in the mid-1990s — or so reckoned the firm's then CEO David Pottruck. The way he saw it, as some clients matured and amassed sizeable assets, so did their financial planning needs. Tax and estate planning, trust advice, portfolio management, private banking — these were the services that these wealthy customers demanded. But because ...

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