Bloomberg Talks · October 16, 2026 · 15 min

Schwab CEO Rick Wurster Talks AI Strategy, Investing Trends

With Rick Wurster

Summary

Schwab CEO Rick Wurster discussed the firm's record third-quarter net new assets of about $190 billion, up 38% year over year, which he attributes to strong appeal among younger investors, with roughly 70% of new-to-firm clients being Gen Z or millennials. He argued that Schwab's research, phone access to trading professionals, and digital content keep it ahead, and that continued fee cuts are consistent with its mission of returning money to clients. On technology, he described AI tools that help advisers prepare for client meetings and Schwab's assistant Charlie, which engages clients directly. He also defended the firm's balance sheet, saying it invests mainly in securities or lends to its own clients and has never taken credit risk, and he argued individual investors should get access to private markets through a professionally guided platform. He is bullish that the Texas Stock Exchange, where Schwab holds a secondary listing and an ownership stake, will grow substantially in five years, while expecting the NYSE and Nasdaq to remain dominant.

Key takeaways

Rick Wurster on Asset managers, brokers & exchanges: Falling fees across the industry are good for clients, and Schwab has led the cuts.
Rick Wurster on Private markets for individual investors: Retail investors should get access to private investments, delivered with advice and risk disclosure.
Rick Wurster (bullish on Texas Stock Exchange): The Texas Stock Exchange will grow a lot as capital and companies move to Texas.

What was said, by company and theme

3 views from 1 speaker. Every quote is checked against the episode's transcript (how).

Texas Stock Exchange

Across the shows: 1 speaker in other episodes, 1 bullish and 0 bearish calls, past 30 days

Rick Wurster · The Charles Schwab CorporationBullish
The Texas Stock Exchange will grow a lot as capital and companies move to Texas.
Schwab is a secondary listing on the Texas Stock Exchange and an owner investor in it. Wurster expects it to be much bigger in five years because a large amount of capital and money is moving to Texas, and more companies are relocating there and are likely to get involved. He does not expect the NYSE or Nasdaq to go away and says they will be hard to unseat.
“Well, I think it'll be a lot bigger. We are there as a secondary listing. We're also an owner investor in the Texas Stock Exchange. There's so much capital and money moving to Texas. And so I expect it'll expand over time.”at 10:23

Asset managers, brokers & exchanges

Rick Wurster · The Charles Schwab Corporation
Falling fees across the industry are good for clients, and Schwab has led the cuts.
Asked how Schwab makes money as fees compress over five years, Wurster argues fee cuts put more money back in clients' pockets and that this serves the firm's mission. He says Schwab has been at the forefront of bringing fees down across the industry and offers what he considers the lowest passive fees in the industry, supported by technology, research and platforms.
“Well, I look at that, and I look at it as a good thing because it's putting more money back in the client's pockets.”at 4:24

Private markets for individual investors

Rick Wurster · The Charles Schwab Corporation
Retail investors should get access to private investments, delivered with advice and risk disclosure.
Wurster argues private investments have long made large institutions money and have both diversified and enhanced returns, so retail investors should have the same access. He adds that access must be handled thoughtfully. Schwab's retail alternatives platform requires a conversation with a professional, so clients understand the risks and how much of the portfolio to allocate.
“Privates have been a way that large institutions have made a lot of money over time and it's been both diversifying and return enhancing. I believe retail investors should have access to those very same investments.”at 7:33

Across the shows

What other episodes Chorus covered said about the same companies in the 30 days up to this one.

Texas Stock Exchange1 speaker · 1 bullish, 0 bearish calls

Topics

AI in wealth management
bank balance sheet risk
brokerage client acquisition
exchange competition
fee compression
retail access to private markets

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Setup guide

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