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.

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.

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