Chief Executive Officer, President & Director, Charles Schwab Corporation Common Stock
Charles Schwab: I was not a good dad
Charles Schwab discusses the benefits of operating his fledgling business on the West Coast, from the favorable hours to being a part of the new technology that was unfolding in the area. But, working from 6 a.m. to 10 p.m. did not leave much time to spend with his children, something he is trying to make up for now with his 13 grandchildren.
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Episode debuted nationwide in 2019.
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About Richard Cmt
In a 2019 interview, Charles Schwab reflected on the early days of building his company, stating that he worked from six in the morning to six or seven at night, with additional hours afterward. He said that being on the West Coast was an advantage because it gave his firm more time to process transactions after Wall Street closed, and he described himself as a very early adopter of the new technology that allowed the company to handle growing volumes. Schwab said that by today's standards he would not have been considered a good dad, and that he has regrets about not spending more time with his children. He stated that his number one responsibility as a parent was to provide resources for the family, and that he felt he had no choice but to make that trade-off. He noted that he now spends time with his 13 grandchildren and that he encourages them to follow their passions. Schwab also credited his wife as the rock of the family and said her father, an entrepreneur, was supportive when Schwab started his business in 1972.
Transcript (14 segments)
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Interviewer0:10
In those early days of building Schwab, what was the work schedule like from a time investment perspective?
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Richard Cmt0:19
Well, that was probably a good thing that we were on the West Coast. We were in San Francisco, and Wall Street would close down at 4:00 PM New York time, which was 1:00 PM our time. So we had all afternoon to clean up our back office issues, all our transactions, all the paperwork that needed to be handled. So we always had a longer day than Wall Street did. We started usually at 6:00 AM when the market opened, and we worked until 6:00 PM. The other part was that we were very much a part of the technology that was unfolding. The new technology was unfolding, and I was a very early adopter of the new technology, which permitted us to handle ever-growing volumes.
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Interviewer1:29
So you're working from 6:00 to 6:00. Is that your day? And also, what about telling my family? I'd go back to work again till when?
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Richard Cmt1:40
Oh, I would usually work until 10:30 or something like that. Six or seven hours.
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Interviewer1:47
How does that affect the personal life?
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Richard Cmt1:49
Wasn't great in those early years, but I think... because I was surprised you wrote this in your book, and I read it. You said, 'By today's standards, I would not be considered a good dad.' Why do you feel that way?
Well, I think that life has changed, and it's different than what it was then. My family, my mom and dad, didn't spend a lot of time with me either. I grew very independent, which is probably good for me, maybe not so good for my sister, who's a different story. But for me, it was great. And now today, young parents, I see in my kids, they spend enormous amounts of great time with their children. There's a lot of benefit from that.
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Interviewer2:54
Your daughter Terry says she thinks you've had as much success building the company as you've had without family life suffering. Well, I guess there had to be a give-up, but I had no choice. I didn't know the resources to go any other way. So to me, my number one responsibility always felt as a parent, as a father, that I had to provide the resources for a reasonable family life: school, education, food, shelter, all the basic fundamentals. That was my number one responsibility. It wasn't making sure I went to the baseball game that afternoon with them. I felt guilty about not being at the baseball game, but...
She said she thinks you're trying to make up for not being around as much back then with all the grandkids, right?
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Richard Cmt4:17
I have a little more free time now with them.
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Interviewer4:20
What's it like having all the grandkids?
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Richard Cmt4:23
Wonderful. I had lunch today with one of my grandkids. He's 24, and he's going off on his career. Not sure where he's gonna go. I encourage them to do whatever they want to do, whatever their passion is. It's so important.
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Interviewer4:43
How would you best explain the role that your wife Helen has played in your life?
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Richard Cmt4:48
Oh, she's been the rock of the family. And her father was also, unbeknownst to me at the time, but a real... it was that I was going to start this little business, and I think most fathers would have said, 'Are you kidding me? My daughter's married to you, and you started this crazy business you've never heard of before.' But he was supportive. He was supportive, and it worked out much beyond anyone's dreams.