
Episode #1
Charles Schwab: The Moat That Isn’t One Thing
<p>Charles Schwab manages one of the largest financial platforms in the United States, spanning retail investing, RIA custody, banking, retirement, wealth management, and asset management. But what actually makes Schwab difficult to disrupt?</p><p>This episode examines the idea that Schwab’s strength does not come from one classic moat, but from the combined effect of scale, installed relationships, distribution, service infrastructure, economics, trust, product breadth, and switching friction.</p><p>It also explores a subtler competitive risk: decomposition. Customers and advisors do not necessarily have to leave Schwab for the relationship to weaken. Cash can move elsewhere. Ne...


