Carrie Schwab-Pomerantz serves on the Board of Directors of the Charles Schwab Corporation. In 2023, she retired from her executive position at Charles Schwab, where she wore many different hats since 1983. Carrie is a nationally recognized expert in financial literacy and a leader in democratizing access to financial services. She is a force for addressing both business and critical social issues as a former Managing Director, Consumer Education and President, Charles Schwab Foundation. Since her retirement, Carrie enjoys playing tennis, civic engagement, angel investing, and taking care of her new puppy. Carrie has been a C200 member since March 2024.
Eva Glassman: What was your executive role at Charles Schwab?
Carrie Schwab-Pomerantz: I was a long-tenured senior executive at the Charles Schwab & Company and have worn many hats over the years at the company. I went from starting out as a file clerk, to working as a financial consultant serving clients, to building a national financial literacy program that permeated inside and outside Schwab.
Over my career, I’ve learned that people from all economic backgrounds lack financial knowledge. It’s a national issue to this day, and Schwab and I were able to do our part in spreading awareness and providing resources. One of my greatest prides was building longstanding partnerships with organizations like the Boys and Girls Clubs of America, Girls Scouts, and AARP, giving millions of people the knowledge and skills to have financial security in their lives. In addition, I was publicly educating and advocating for financial literacy with a national personal column, books, and serving on the US President’s Council on Financial literacy.
I was also Chair of the Board of Schwab Charitable for over ten years, which is the second-largest national donor-advised fund in the country for investors. Our clients were giving $4 billion a year to charity.
Fifteen months ago, I retired from my executive position and currently serve on the Board of Directors of the Charles Schwab Corporation, which I’ve been doing for the past two years.
EG: I read that you’ve been at Charles Schwab since 1983; not everybody has a career where they stay on with the same company for so long, especially one that is in the family. What was that like? I’m especially curious about this since, even today, there aren’t a ton of women in finance.
CSP: While I did work at another company for a few years and got my MBA in between there as well, my career pretty much has always been at Schwab. In fact, I started there when I was sixteen years old, when the company was a start-up. Recently, over breakfast with my dad, we were reminiscing about when the company had about ten employees, and our Christmas parties were in the back corner room of a restaurant. Now, the company has about 34,000 employees.
When I first started out in the company, it really just felt like working for my dad. Literally and figuratively, it was like a family to me. I was “one of the kids”—not just my dad’s kid, but the kid around the office that everyone knew. The culture, even today, is very inclusive and team-oriented. There are no false pretenses. I always felt very comfortable there and that it was a place to thrive as an individual in my career.
When I was twenty-three, I had just gotten my broker’s license and was in our San Francisco headquarters. After I went through a rotational training program, I asked my father for his opinion about where I should go within the company for my permanent position. He said, “Carrie, if you want to learn the business, you should go out in the branches and serve clients.” Today, I can say it became the foundation of who I am as a senior executive. I understood how important it is for businesses to see things through the client’s eyes and have empathy and a pulse on their needs.
While I was serving clients in my younger days, I was very passionate about economic empowerment for everyone, especially helping women with their finances. Unfortunately, I’ve seen so many smart women—many of whom my friends and family—abdicate their finances, and it didn’t end so well. I organized lots of events while at Schwab and joined a philanthropic group of women in finance to help less fortunate women gain economic parity. Word got out within the company about this, and then I was asked to create and run what we called the Women’s Initiative, which allowed me to be even more vocal about the topic and ensure that Schwab was truly welcoming to women investors.
Running the Women’s Initiative really launched me as an advocate for women’s financial literacy and beyond—and because of that, I was asked to run the Charles Schwab Foundation. I refocused the foundation’s strategy to have greater impact on financial literacy for all to reflect the company’s heritage and collective passion. I wanted it to be something everyone at Schwab could own and be a part of. We could bring not only our money to the foundation, but also our expertise.
When I was asked to run the Schwab Foundation, many of my mentors advised me against it, since it’s “relegated as a ‘soft side’ of business.” However, I saw it as a way to create my own business, something that would be a complete asset to the company. While I had naysayers here and there, I stayed focused on what I was trying to achieve—to make Schwab a national leader in financial literacy. The foundation not only helped our communities, but it also helped Schwab expand its market and be a better partner to our clients.
EG: Financial literacy for women is still such an important topic.
CSP: It’s getting better today, but there’s still a difference between the way parents talk to their sons versus their daughters about money and investing. Over the years, I have read so many studies that show parents are more likely to talk about investing with their sons than their daughters. Several years back, Schwab conducted a study that showed young men were about twice as likely to have investment accounts than young women. Families aren’t equipping young women well enough to go out into the world and develop good financial habits so that they can have options and a more secure life.
There are so many financial issues unique to women that we need to be more prepared for. To name just a few: on average, we get paid roughly 80 cents for every dollar a man makes, we go in and out of the workforce to care for children or elderly parents, and we live longer than men. It’s imperative for young women to plan for these things early to protect their future—and feel comfortable doing so.
EG: What do you believe are the factors that contributed to the success you found in your career?
CSP: People talk about having mentors, but I honestly didn’t have a lot of mentors. It was much later in my career that I developed a community or network of support, which made all the difference for me going forward. In my early 40s, I went to the International Women’s Forum’s leadership development program for young, rising women, and it was a total launching pad for me in terms of confidence. I was exposed to the power of networking, but in particular, the power of women helping women. Creating that village fostered a lot of courage in me to do things and get out of my comfort zone. I used to be shy about asking somebody more senior than me to help me or talk about career things. Being in the opposite position now, it’s an honor to help young people. I wish I had started advocating for myself in that way much earlier.
Another factor that helped me succeed in my career is my ability to stay focused on my goals. I had a mission and vision for where I wanted to go, and while I had naysayers along the way who would try to bring me down, I didn’t let them take me from where I wanted to go and what I felt was right. I just kept my chin up and kept going.
EG: How did you find C200? What made you join?
CSP: I’m a part of many networks of women who have been there for me for different needs at different times of my life. Today, one group in particular happened to be mostly C200 women in the Northern California area. We became close, and they would invite me to their dinners. Eventually, I realized that I was the only one who wasn’t in C200! Somehow, they adopted me, and all advocated for me to join.
I wasn’t looking to join a group; when you get to my age, you have a lot in your life already. But these women bring so much energy, love, strength, and knowledge to me, that I thought, “Why not?” They were so happy to put my application in!
I always look forward to our dinners when we get together, and I can’t wait to host my own dinner. I’ve now been to one official C200 dinner and an overnight retreat. Both were so lovely; we talked about some very personal things. It’s a very trusting group that you can get great advice from.
EG: What does being a “woman in business” mean to you, and how do you apply that thinking to what you do?
CSP: As you can tell, my life has been about advocating for women to have equal opportunities. Recently, my college friends reminded me that I was a big feminist back then, when the Equal Rights Amendment was being tossed around. I think advocating for women is part of my DNA.
My parents divorced when I was nine. I saw my mom, even though she was very smart and had a great education, still dependent on having a husband. I knew it was not a good thing to see. In retrospect, that was a huge reason why I became such an advocate for women.
I believe women having financial independence is a key factor for women’s overall freedom. That’s where I feel I can help women get started, particularly young women, so that they can focus on everything else, not worry about money, and be able to take advantage of it. I saw what my mom went through, being a single mom and a homemaker. I sincerely believe that financial literacy is a great equalizer—not the great equalizer, but a great equalizer. It’s foundational.
EG: Outside of work, how do you like to spend your time?
CSP: Right now, I’m obsessed with tennis. I’m playing on two USTA teams and I’m co-captain of one. I’m having so much fun and made a whole other group of friends from it. I find myself—how should I put it—inappropriately competitive! I have to laugh at myself, though!
My other obsession right now is my puppy, which I got three months ago. Her name is Mabel, after my grandmother, who was a strong-minded woman and somebody really important in my life.
EG: What’s your advice to aspiring women business leaders to advance their own careers?
CSP: Act the part. If you want to be the manager, senior manager, director—whatever it is, try to find ways to do the work. Perform like an executive or whatever position you’re trying to achieve. Get as much experience in different positions as possible. A general background in business, getting exposed to different disciplines of the business—marketing, finance, tech, general management, leadership etc.—is a huge win. Those skills are all transferable.
Be visible. It’s important to make yourself visible within the company, especially with more senior people. You can be smart and hardworking, but if you’re not being seen by people who might promote you, you might not advance at the pace you could be. You want yourself and your work to be known throughout the company. Networking and building relationships will help you gain advocates.
EG: Why C200?
CSP: The women! For me right now, the C200 women are who I want to connect with. Regardless of whether they are retired from executive life or still working, these women are still in the game, so to speak: continuing to grow, lead, and do important things in the world of business and beyond. That’s how I think of myself these days, and that’s how I want to be.
I am so excited to learn, grow, and be better because of my relationships with these incredible women. Everyone brings something to the table, especially at C200, where there are businesswomen across so many industries with so many perspectives. We all can and should learn from each other!