As retail participation continues to reshape US markets, Charles Schwab CEO and President Rick Wurster said financial literacy, long-term investing, and broader access to markets remain central to the firm’s strategy.
Speaking on Episode 533 of the Inside the Ice House podcast recorded at the New York Stock Exchange during National Investing Day, Wurster said the firm is focused on expanding participation in investing at a time when market volatility, social media-driven trading activity, and around-the-clock market access are reshaping investor behavior.
“We view it incumbent upon us to spread the word about the power of investing,” Wurster said.
“Investing is the backbone of generating wealth and we want as many people involved as possible,” he said.
Wurster pointed to financial literacy as one of the industry’s biggest challenges, noting that fewer than half of high school graduates receive formal education in personal finance or investing.
“There’s lots of people that graduate high school without a sense of basic investing, saving, credit scores, things like that. We want to raise the importance of that,” he said.
Schwab has tied part of that message to National Investing Day and broader initiatives designed to encourage long-term participation in markets. Wurster also highlighted the upcoming “Invest in America” accounts program, which is expected to provide newborn Americans with a Treasury-funded $1,000 investment account beginning July 4.
According to Wurster, the long-term impact may be less about the initial balance and more about demonstrating the effects of compounding returns over time.
“If people see the power of compounding over time, I think they will make investing a part of their life,” he said.
Wurster also addressed the rise in more active trading activity and the growing influence of social media on investing behavior since the pandemic.
To support different types of investors, Schwab has expanded trading tools and educational offerings through platforms including Thinkorswim, research services, and streaming financial content aimed at active traders.
Still, Wurster cautioned against emotional decision-making during volatile periods: “The most important thing we’ve got to do is talk to people about time in the market as opposed to timing the market,” he said.
The discussion also touched on the growing role of digital assets and alternative investments within retail portfolios.
Wurster confirmed Schwab plans to expand crypto trading access, describing digital assets as a speculative but potentially diversifying investment option.
“We do not recommend that people invest in it,” he said, referring to crypto allocations in core portfolio models.
“But we’re certainly going to include it as a choice for those people that want crypto,” he added.
The firm is also increasing its push into private markets following its acquisition of Forge Global, which provides access to private company shares.
Wurster said Schwab’s broader goal is to bring institutional-style investment opportunities, including private equity and venture-backed companies, to retail investors.
“With the acquisition of Forge, now you can invest in individual securities if you want to own SpaceX or OpenAI,” he said.
The interview also highlighted how Schwab is adapting to evolving market structure trends, including 24-hour trading, fractional shares, and the potential for real-time settlement.
Schwab currently offers 24-by-5 trading access, though Wurster noted client activity outside regular market hours remains limited despite demand for always-on access.
On settlement cycles, he said Schwab’s systems are prepared for an eventual shift to T+0 settlement if market infrastructure moves in that direction.
“There are trade-offs to going to instant settlement,” Wurster said, citing operational and counterparty verification considerations.
Throughout the conversation, Wurster repeatedly returned to Schwab’s long-standing focus on reducing barriers to investing, a principle he said continues to guide product pricing, platform design, and client service strategy.
Reflecting on lessons from company founder Charles Schwab, Wurster recalled an early conversation in which the founder pushed to lower client fees despite concerns about lost revenue.
“He said, ‘Rick, we’ve got to lower all these fees,’” Wurster recalled.
“Our clients will do more business with us. They’ll trust us more,” he said.
According to Wurster, that client-first philosophy remains central as Schwab expands into newer areas including crypto, private markets, and digital trading infrastructure.
“We’ve always wanted to make our country a great place to invest and to give people a place they trust,” he said.
