Rick Wurster

Rick Wurster
Nationality	American
Occupation	Corporate executive
Title	President and Chief Executive Officer
Employer	The Charles Schwab Corporation
Known for	President and CEO of The Charles Schwab Corporation

Rick Wurster is an American corporate executive who serves as the President and Chief Executive Officer of The Charles Schwab Corporation, one of the largest financial services firms in the United States. Ascending to the top role at a company that manages over $10 trillion in client assets and serves more than 36 million active brokerage accounts, Wurster has positioned himself as a leader focused on the intersection of technology and wealth management, the expansion of services to registered investment advisors (RIAs), and the careful delineation between long-term investing and speculative activity. Since becoming CEO, Wurster has navigated the firm through a period of rapid change in the financial services industry, addressing topics ranging from the emergence of artificial intelligence to the launch of cryptocurrency trading and the rise of prediction markets. Under his leadership, Schwab has continued to expand its advisory services platform, with Schwab Advisor Services recording quarterly net new asset growth of $98 billion in early 2026.

Career

The Charles Schwab Corporation

Rick Wurster's career at The Charles Schwab Corporation culminated in his appointment as President and ultimately Chief Executive Officer. As of his tenure leading the firm, Schwab had grown into one of the largest financial institutions in the United States, with $10.10 trillion in client assets, 36.5 million active brokerage accounts, 5.4 million workplace retirement plan participant accounts, and 2.0 million banking accounts as of December 31, 2024. The company, originally founded as First Commander Corporation in 1971 and renamed Charles Schwab & Co. in 1973, had pioneered the discount brokerage model following the deregulation of equity commissions in the 1970s. Wurster inherited a firm with a long history of technological innovation and a broad footprint spanning more than 380 branches in the United States and the United Kingdom.

By October 2025, Wurster had been in the CEO role for more than ten months and was already drawing attention from industry observers for his distinctive leadership style compared to his predecessors. RIABiz noted that Wurster represented "a different kind of Schwab CEO," citing his willingness to publicly acknowledge operational delays—such as the firm's postponed entry into cryptocurrency trading—and his emphasis on RIAs as a central topic during quarterly earnings calls with Wall Street analysts. During that October 2025 call, Wurster addressed the regulatory landscape for blockchain assets and signaled that Schwab had received sufficient regulatory clarity to proceed with its cryptocurrency offerings.

Schwab Advisor Services and RIA Focus

A defining feature of Wurster's leadership has been his prioritization of Schwab's services to registered investment advisors. Schwab Advisor Services, the division that provides custody, trading, and support to independent RIAs, experienced substantial growth under his watch. In the fourth quarter of 2025 and into early 2026, the division recorded net new asset inflows of $98 billion in a single quarter, outpacing the growth of Charles Schwab & Co.'s retail brokerage operations.

In January 2026, Wurster publicly declared Schwab Advisor Services to be "all but unbeatable," citing the division's growth trajectory and scale advantages. As part of his strategy to improve service quality for RIA clients, Wurster disclosed that the firm had made the decision to reduce the size of its in-house RIA book of business, redistributing client accounts in order to allow advisors and service teams to provide more attentive support. The move was interpreted by industry observers as an acknowledgment that service levels had been strained during periods of rapid growth and integration following Schwab's acquisition of TD Ameritrade.

Later that month, in January 2026, Schwab announced the creation of a new organizational unit at the intersection of its wealth management and banking operations, headed by executive Neesha Hathi. Wurster identified the integration of bank lending products with RIA custody services as the "No. 1 thing" that RIAs had requested from the firm. The reorganization was designed to bring together Schwab's banking capabilities—including lending and deposit products—with its custodial and advisory platforms under a single leadership structure. Some industry analysts, however, expressed skepticism about the degree to which this restructuring would deliver material benefits to RIAs.

Views on Artificial Intelligence

Wurster has been an outspoken participant in the broader financial industry's debate over the impact of artificial intelligence. In February 2026, following a sudden sell-off in wealth management stocks triggered by investor concerns about AI displacing human financial advisors, Wurster offered a contrarian perspective. In interviews with Bloomberg and other media outlets, he argued that AI was "poised to boost wealth managers" rather than threaten them, suggesting that the technology would enhance the productivity and service quality of human advisors rather than replace them.

In an interview with MSN published in February 2026, Wurster elaborated on how Schwab was already deploying AI internally. He described the firm's approach as focused on using AI to improve operational efficiency, enhance client service interactions, and support advisors with better data analysis and workflow tools, rather than as a replacement for human judgment in financial planning and investment advice. Wurster's comments were made in the context of broader market anxiety about AI's potential to disrupt the wealth management business model, and his position represented an effort to reassure both investors and the advisor community that Schwab viewed AI as a complementary tool.

Stance on Prediction Markets and Gambling

Another area where Wurster established a clear public position was on the relationship between investing and speculative activities. In December 2025, The Wall Street Journal reported that Wurster drew what he called a "bright line" between investing for the long term and gambling, including sports betting. This distinction became especially relevant as prediction markets—platforms allowing users to wager on the outcomes of elections, economic events, and other contingencies—gained mainstream attention and regulatory consideration.

In February 2026, Wurster elaborated on this theme in an interview with The Block, a cryptocurrency and blockchain-focused news outlet. He stated that prediction markets tied to economic and financial outcomes could offer "useful signals for investors" and acknowledged their potential as a source of information for market participants. However, he drew a clear distinction between economically relevant prediction markets and sports betting, which he described as "counter to our mission." This position placed Schwab in contrast to some competitors and fintech firms that had explored blurring the lines between brokerage services and sports or entertainment wagering platforms.

Cryptocurrency

Wurster also addressed Schwab's approach to cryptocurrency trading during his tenure as CEO. By October 2025, the firm had not yet launched its cryptocurrency trading platform, a delay that Wurster publicly acknowledged during the company's quarterly earnings call. Rather than deflecting or minimizing the delay, Wurster took responsibility for the timeline and explained that regulatory uncertainty had been a primary factor. He indicated that the regulatory environment had subsequently clarified sufficiently for Schwab to proceed with its plans to offer blockchain asset trading to clients. The candor with which Wurster addressed the delay was noted by RIABiz as a departure from the communication style of previous Schwab CEOs, who had typically been more guarded in their public commentary on operational setbacks.

Media Appearances

In July 2025, Wurster appeared on CNBC's "Money Movers" program in his capacity as President and CEO of Charles Schwab. The appearance was part of the firm's regular engagement with financial media and included forward-looking statements regarding management's expectations for the company's business and the broader financial services industry.

Leadership Style

Industry coverage during Wurster's first year as CEO has highlighted several recurring themes in his leadership approach. Observers at RIABiz characterized him as "a different kind of Schwab CEO," noting his comparative openness in addressing both successes and setbacks on public earnings calls. His willingness to discuss operational challenges—such as the cryptocurrency launch delay—in frank terms during Wall Street calls contrasted with the more corporate and controlled communication style associated with prior Schwab leadership.

Wurster's focus on RIAs as a central element of Schwab's growth strategy has also been a distinguishing feature. While Schwab had long served the RIA community through its Advisor Services division, Wurster elevated the topic to a more prominent position in the firm's public messaging. During quarterly earnings calls, he discussed RIA-related matters in what RIABiz described as "near proportion to their" actual contribution to the firm's business—a shift from prior practice where retail brokerage operations tended to dominate management commentary.

His decision to reduce the size of Schwab's in-house RIA books in order to improve service levels was also noted as a significant strategic choice, reflecting a willingness to sacrifice short-term asset gathering in favor of longer-term client satisfaction and retention.

On the technology front, Wurster has articulated a view of AI and emerging technologies as tools that enhance human capability rather than replace it. His public statements on AI have consistently emphasized augmentation over automation, positioning Schwab as a firm that views technology as a means of empowering advisors and improving the client experience rather than as a mechanism for reducing headcount.

The Charles Schwab Corporation

The firm that Wurster leads has a history spanning more than five decades. Charles Schwab & Co. was originally founded as First Commander Corporation in 1971, taking its current name in 1973 under founder Charles R. Schwab. The company became a pioneer in the discount brokerage industry following the deregulation of brokerage commissions in the mid-1970s, offering equity trading at lower prices than traditional full-service brokerages.

The company was acquired by Bank of America in 1983 for $55 million. Three years later, in 1987, founder Charles R. Schwab led a management buyout, repurchasing the company for $280 million, a transaction that reflected the firm's rapid growth during the intervening period, particularly from its no-charge mutual fund offerings.

Over the following decades, the firm expanded through a series of acquisitions and organic growth initiatives. In 2000, Schwab acquired U.S. Trust for $2.73 billion, adding private banking and wealth management capabilities. In 2003, the company announced its acquisition of SoundView Technology Group for $321 million, further expanding its capabilities in equity research and institutional services.

Additional acquisitions followed, including the 401(k) Company in 2007 and optionsXpress in 2011. The firm is headquartered in Westlake, Texas, and is publicly traded on the New York Stock Exchange.

By the time Wurster assumed the CEO role, Schwab had become one of the largest financial institutions in the United States by assets, operating a diversified business model encompassing retail brokerage, RIA custody and services, banking, workplace retirement plans, and wealth management advisory services.