BrandHistories
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Charles Schwab
Although Schwab ultimately executed the most impactful response to Robinhood's zero-commission model by eliminating commissions industry-wide in October 2019, the delay from Robinhood's 2013 launch to Schwab's 2019 response allowed six years of younger investor acquisition by Robinhood. The accounts opened during those six years represent a generation of investors whose primary brokerage relationships were established outside the Schwab ecosystem.