Charles Schwab CEO Reportedly Explains Why AI Won’t Disrupt Wealth Management Industry: ‘We Are Able To Help A Whole New Group Of Clients’

CEO Rick Wurster said that AI should be viewed as a supportive tool rather than a replacement for human expertise, according to an interview with Bloomberg on Wednesday.
 In this photo illustration, the Charles Schwab company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)
In this photo illustration, the Charles Schwab company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)
Profile Image
Arnab Paul·Stocktwits
Published Feb 11, 2026   |   9:16 AM EST
Share
·
Add us onAdd us on Google

Charles Schwab (SCHW) CEO Rick Wurster pushed back against growing concerns that artificial intelligence could disrupt the wealth management industry, arguing instead that the technology will enhance adviser productivity.

Wurster emphasized that AI should be viewed as a supportive tool rather than a replacement for human expertise, according to a Bloomberg interview on Wednesday. “With the power of AI, not only are we reaching those clients we have a relationship with, we are able to help a whole new group of clients,” Wurst said.

His comments came after a selloff that dragged down shares of several wealth-management firms following the launch of Altruist’s AI-powered tax planning tool on Tuesday.

SCHW stock was up 1.6% in pre-market trading after closing over 7% lower in the previous session.

Read updates to this developing story on Stocktwits.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share
·
Add us onAdd us on Google
Read about our editorial guidelines and ethics policy