Bloomberg Talks · Oct 16, 2026
With Rick Wurster, President and CEO of Charles Schwab
Charles Schwab brought in $190 billion of new client assets in the third quarter, a record for any quarter and 38% more than a year earlier, Rick Wurster, president and CEO of Charles Schwab, told Bloomberg Talks.
Talk of a "great wealth transfer" usually assumes the money goes to the young. Rick said most of it passes from 95-year-olds to 65-year-olds, and Schwab is winning young clients anyway.
"We're operating from a position of strength... We brought in $190 billion of new assets from clients, an all-time record for a quarter."
Rick spoke after the record quarter about where client money is moving, Schwab's new AI assistant, and the limits the firm puts on outside AI tools and on retail access to private markets.
The full interview is covered here so you can skip it.
Here are the 5 numbers that matter.
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Key Takeaways
Schwab brought in $190B of new client assets in one quarter, an all-time record
70% of clients new to Schwab are Gen Z or millennials
Clients are trading stocks heavily while showing record interest in bonds
Schwab is launching an in-house AI assistant called Charlie, and lets outside AI tools in only under its own security rules
Schwab has never taken credit risk on its balance sheet
Clients must speak with a professional before buying alternative investments
1. Young Clients Drive a Record
Net new money in the third quarter was the best in Schwab's history, up 38% year over year. Much of that growth comes from young clients. Rick credited Schwab's research, its large support staff and heavy spending on content and social media.
Seven in ten clients new to Schwab are Gen Z or millennials, and the firm leads its industry on YouTube
"70% of new to firm clients are Gen Z or millennials. We are winning the young investor... We're the most followed financial services company on YouTube." — Rick Wurster
