As part of a nationwide expansion, The Charles Schwab Corp. unveiled new branches in Los Angeles County.
Earlier this month, the Westlake, Texas-based brokerage expanded its Century City branch into a two-floor office accommodating 20 financial professionals and staff, according to a company statement. It also enlarged its Pasadena location to 17,000 square feet with 25 advisers and support personnel.
A new Manhattan Beach branch, spanning nearly 5,000 square feet, is scheduled to open later this year, according to the company.
These branches are Schwab’s newest offices in the county since its Santa Monica office opened in 2015. When the Manhattan Beach office is unveiled, there will be 11 Schwab offices doing business in L.A.
The upgrades are part of a 40-branch expansion and renovation initiative across the U.S., said Rick Wurster, Schwab’s president and chief executive officer.
The moves run counter to broader industry trends. Financial institutions have been consolidating physical locations in recent years, according to a 2024 study from McKinsey & Co., the management consulting firm.
Physical branches help engage its clients in the firm’s omnichannel approach, which includes digital and physical points of contact, Wurster told analysts during the company’s earnings call in April.
“We’re seeing clients that want a fuller service model and want to be able to talk to someone who want the advice and guidance that we can bring to the table,” Wurster said. “So, we’re just seeing high levels of engagement, 40 times the consumption of our research that we typically see.”
Travis Turner, a Schwab managing director and regional market executive, said physical branches boost performance metrics even as the firm strengthens its digital offerings.
“While we continually enhance our award-winning digital platforms and see an increasing number of clients interact with us online and on mobile, we see branches as a key driver for client growth, engagement, and satisfaction,” Turner said.