Charles Schwab 2015 Annual Report Download - page 2

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The Charles Schwab Corporation (NYSE: SCHW) is an investing services
rm with a history of innovating and advocating for individual investors
and the advisors and institutions who serve them.
In addition to historical information, this Annual Report to Stockholders contains “forward-
looking statements,” which are identied by words such as “believe,” “expect,” “will,” “may,”
“would,” “could,” “should,” “growth,” “commit,” “build,” “deliver,” “continue,” “remain,”
“can,” “improve,” “drive,” “potential,” “appear,” “enable,” “scenario,” “impact,” “lead,” “plan,”
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 reect management’s
beliefs, objectives, and expectations as of the date hereof, are estimates based on the
best judgment of the company’s senior management. These statements relate to, among
other things, the interest rate environment; the impact of the December 2015 interest rate
increase and any future increases on money market fund fee waivers and revenues; growth
in the company’s client base, client assets, market share, revenues, earnings, and prots;
reinvestment in the business; and scale and efciency (see “Letter From the Chief Executive
Ofcer” and “Letter From the Chief Financial Ofcer”); the company’s challenger status;
and client demand for advisory services (see “Letter From the Chief Executive Ofcer”);
the impact of uctuations in long-term rates, the S&P 500® Index, and trading activity on
the company’s results of operations; the proportion of rate-driven revenue lift to pre-tax
prot margin; expenses; the gap between revenue and expense growth; and pre-tax prot
margin (see “Letter From the Chief Financial Ofcer”). Achievement of the expressed
beliefs, objectives, and expectations described in these statements is subject to risks
and uncertainties that could cause actual results to differ materially from the expressed
beliefs, objectives, and expectations. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this Annual Report
to Stockholders. See “Forward-Looking Statements” in Management’s Discussion and
Analysis of Financial Condition and Results of Operations on page 21 in the Form 10-K for a
discussion of important factors that may cause such differences.
“ Always put the client rst.
No matter what.”
—Chuck Schwab