Episode summary
Schwab CEO: AI Creates New Pathways to Engage Clients | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec
Summary
Charles Schwab president and CEO Rick Wurster said AI is already making the business more efficient by streamlining operations, helping advisers prepare for client meetings, and creating “new pathways to engage clients.” He said a financial consultant in Austin told him the AI tools on his desktop save two to three hours a day, time that can be redirected to serving more families and retirees.
Wurster framed Schwab’s investment in the AI startup Nevis as part of a broader effort to make advisers’ technology stacks easier to use and to strengthen Schwab’s role as custodian of choice. He also said the company is seeing AI show up on the bottom line through fewer people per client answering phones, even as Schwab continues hiring client-facing staff.
Beyond AI, Wurster said Schwab is pursuing financially related prediction markets with CBOE, but not sports gambling, which he called “100% gambling” rather than an asset class. He also rejected agentic AI making portfolio decisions on clients’ behalf, saying Schwab will not allow it because of the risk to clients and the firm.
Key takeaways
- Wurster said AI is saving advisers time and making Schwab more efficient, with one consultant recovering two to three hours a day.
- He said Schwab’s Nevis investment is meant to simplify advisers’ tech stacks and help Schwab become a preferred custodian.
- Wurster said Schwab is already seeing fewer people per client answering phone calls, even while the firm keeps hiring.
- He said Schwab will launch more financially driven prediction products next year, but will stay away from sports.
- He said agentic AI is too risky for client portfolios and will not be allowed on Schwab’s platform.
Notable quotes
“it's been a huge accelerant to our business and I think to all the adviserss here”
“it's helping us be more efficient and effective with clients. It's streamlining operations”
“create ease for the adviser and make it even easier for them to work with us”
“one thing that gives me some confidence that that that maybe we're not in a bubble”
“I think it's too much risk for the client to bear and too much risk for us to bear”
How the episode opens
Bloomberg Audio Studios podcasts, radio news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. — Rick Worster is back with us. He's president and CEO of the Charles Schwab Corporation. Good to be back with you.
So fun to be here. Thanks for having me on. — It's great to have you here. I feel like go back a couple years. AI was not necessarily the focal point. It is now. Is anyone talking about it here at the conference?
Yes. You guys in particular, what's happened like what what what's the conversation, Rick, that you guys have internally?
Well, it's it's it's been a huge accelerant to our business and I think to all the adviserss here and I think it's primarily helping us in a couple different ways and helping the adviserss in a couple different ways. Number one, it's helping us be more efficient and effective with clients. It's streamlining operations.
It's helping advisers be more prepared for meetings to recall what the last discussion they had with a client was or what's important to that client. And at the same time, I think it's creating new pathways to engage clients. And for all of us here at this conference, it will allow us to reach new clients that we couldn't have before with a personal relationship.
Well, one way you're doing that is by investing in NEA. The booth is just right over there. We talked about this quite a bit yesterday with some members of your team a year ago. You were sitting with us. You had just acquired Forge Global. Is this investment in Nevice part of something bigger? Well, it's part of us trying to nail the basics for our adviserss.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ai integration
- client engagement
- ai investment landscape
- valuation of ai stocks
- operational streamlining
Companies and tickers mentioned
- SCHW
- Charles Schwab
- Nevis
Watch the episode
Watch “Schwab CEO: AI Creates New Pathways to Engage Clients | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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