Schwab's Wurster on Trading, Rates and Private Markets

Charles Schwab President and CEO Rick Wurster sat down with Morgan Brennan at IMPACT 2026 in Boston, using the one-on-one to work through the forces currently shaping the brokerage business. The conversation ranged across trading activity, interest rates, demographic shifts in investing and the outlook for private markets.

Wurster addressed the firm's record trading levels, a subject that has drawn attention as retail engagement stays elevated. Rising rates also featured prominently, with the discussion touching on how a higher-rate environment influences both the company's economics and the choices clients make with their cash and their portfolios.

The CEO also focused on younger investors, a cohort whose participation has grown and whose preferences are pushing established firms to adapt how they reach and serve clients. That theme carried into private markets, where access and product design are increasingly part of the conversation for mainstream investors rather than only institutions.

The interview closed on Anthropic's IPO, touching on one of the most closely watched listings on the calendar. Across each topic, the through-line was how Schwab is positioning itself as client expectations, market conditions and technology all shift at once.