Bloomberg Businessweek · Oct 30, 2026 · 12 min
With Rick Wurster, President and CEO of Charles Schwab
Photo via bizjournals.com
Charles Schwab employs 1,600 more people than it did two years ago, even though its AI tools now save one Austin consultant two to three hours a day. Rick Wurster, President and CEO of Charles Schwab, laid out that math on Bloomberg Businessweek, speaking live from the Schwab IMPACT 2026 conference in Boston.
The common fear is that AI shrinks the staff a firm needs to serve its clients. Rick's answer is that Schwab does need fewer people per client, and is hiring anyway, because the person-to-person relationship is what grows the business.
"That client relationship grows three times faster than when we don't have that person-to-person relationship." — Rick Wurster
Rick oversees 49 million client accounts and a fast-growing custody business for independent advisors, so the question of where AI helps and where it stops is one he answers with his own numbers. He drew the line at AI agents, which Schwab blocks from its platform.
The full segment is covered here so you can skip it.
Here are the 7 takeaways that matter.
Key Takeaways
Schwab has 1,600 more people than two years ago even as AI cuts the staff needed per client
One Austin consultant saves two to three hours a day with Schwab's AI tools
Clients with a personal advisor grow three times faster than those without one
Schwab will not allow AI agents to manage client portfolios on its platform
It blocks only 30-40 unauthorized agent attempts a week across 49 million accounts
Sports betting is not investing, Rick says: people lose nine cents on the dollar on average
Schwab is working with Cboe on financial-event prediction markets, not sports contracts
Inflation, not the AI boom, is the market risk Rick watches most, because higher bond yields raise the discount rate on stocks
1. AI Speeds Up Advice
Rick called AI a major accelerant for Schwab. It makes the firm more efficient, and it lets advisors reach clients who never had a personal relationship with one before.
Part of that push is Schwab's investment in Nevis, an AI startup, which came up alongside Schwab's Forge Global deal. Nevis is aimed at the largest advisory firms, which Schwab wants to win as custody clients.
Nevis gives big advisors an operating layer that makes switching to Schwab easier
"What Nevis... can do for them is provide an operating layer... which hopefully gives us a preferred position in being their custodian of choice." — Rick Wurster
A custodian holds an advisor's client assets and handles the trading and reporting. For a large firm, moving custodians means rebuilding its systems, so a layer that eases that integration is a way to win the account.
