Charles Schwab is opening a new front in the brokerage wars.
The San Francisco-based discount broker will launch a feature that will allow the trading of fractional shares on its platform, according to a Wall Street Journal report.
The announcement comes a few weeks after Schwab announced the elimination of trading commissions for its users, which prompted competitors like Fidelity, TD Ameritrade and E*TRADE to do the same.
In his comments to The Wall Street Journal, Charles R. Schwab, founder and chairman, said that the move is intended to attract younger investors to its platform.
Schwab did not tell the Journal when the new feature would be launched.
While firms like Motif Investing, Acorns and M1 Finance have allowed users to purchase fractional shares, Schwab becomes the first major financial firm to do so.