Charles Schwab CEO on Record Q3 Results, AI Investing, and Client Engagement

This interview features Charles Schwab President and CEO Rick Wurster discussing the company’s record third-quarter results and the factors behind its performance. It covers client engagement, revenue and earnings records, net interest margin, margin lending, and the role of AI in investing.

■ Financial performance and client metrics
- Record revenue and earnings; all-time high client engagement
- Core net new assets up 38% year-over-year; total client assets of $13.3 trillion, up 15% year-over-year
- New asset haul of about $190.4 billion; stock reaction amid AI and net interest margin concerns

■ Net interest margin and leverage
- Net interest margin at 3.04%; loan growth slightly outpacing deposit growth
- Client leverage up about 90% year-over-year, largely from tax-aware long-short strategies
- Margin buying increase smaller; overall client leverage rate little changed

■ AI, markets, and competition
- AI viewed as an accelerant; interest in Anthropic IPO and broader equity participation
- Schwab’s approach combines technology with human advice; most investors want human involvement
- Rolling out AI assistant Charlie and an MCP server; blocking unauthorized agent activity

■ Product expansion and client focus
- Plans to offer prediction markets on financial events, not sports
- Emphasis on long-term investing, 401(k)s, and Trump accounts
- Positioning against fintech competitors while leveraging 50-year scale

Viewers interested in financial services, wealth management, fintech strategy, and AI in investing can gain an overview of Schwab’s Q3 priorities and strategic direction. The discussion is most useful for those tracking brokerage industry trends, client engagement, and the intersection of AI and retail investing.