Charles Schwab Corpoation was among the brokerage firms to develop a low-cost distribution channel to attract the clients who did not require all of the services performed by traditional full-service broker. Because Schwab does not have market analysts it can operate at a much lower cost structure than full-service brokers. Forexample, a small-volume teade priced at $75 with a fullservice broker may be as little as $39 through Schwab