Once assets are custodied at Schwab, the firm monetizes them through multiple channels—margin lending, securities-backed loans, sweep interest, and advisory fees—creating revenue diversification that is insulated from any single product cycle and deepens per-client economics
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s