Charles Schwab will soon let its clients trade fractions of stocks, the founder and chairman told the Wall Street Journal in an interview.
In the coming months, Schwab clients that want to own Apple's stock, won't need the entire $234.49 it takes to own an entire share of the technology giant. It's a push to attract a younger demographic, Schwab told the WSJ.
Schwab is not the first company to take a stab at offering partial stock trades. Smaller companies like Stockpile, which was founded in 2010, have provided this type of service but Schwab, which holds about $3.72 trillion in client assets, is the first major online broker to allow fractional trading.
Earlier this month, Schwab dropped all commission fees for U.S. stocks, ETFs and options trades. Brokerage rivals
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