Capitalizing on a wave of investor sophistication, Schwab has rolled out more advanced products. Last year it launched managed-portfolio ETFs and new bond and fixed-income products, and expanded its managed-portfolio products for high-net-worth clients. (It also launched an iPhone app.) Next up: It's acquiring optionsXpress, an options and futures trading firm that will make options trading available to customers.
NEXT: 3. Shake up the model