Looking Forward
Letter from Rick Wurster, President & Chief Executive Officer
Our bright future Through Clients’ Eyes
Over the last 50+ years, Schwab’s singular purpose has been to champion every client’s goals with passion and integrity, seeing the world Through Clients’ Eyes. Under Walt Bettinger’s exceptional leadership, we have delivered on our commitment to clients, helping millions of Americans navigate their financial journeys, while also delivering value to you, our stockholders.
On behalf of our Board of Directors and the entire company, I want to express our deep gratitude to Walt—not only for the business results we’ve achieved under his tenure, but also for his servant leadership, integrity, and unwavering focus on doing what’s right.
In my new role as Chief Executive Officer, my commitment to you is simple: I will continue to relentlessly focus on delivering for our clients.
Schwab is entering 2025 in a position of strength. We are proud to be a leader in the fastest growing segments of the financial services industry: retail investors and the advisors who serve them. Our business fundamentals are also strong. We are seeing high client satisfaction scores, record flows into our Managed Investing Solutions business, $367 billion of core net new assets in 2024, and growing revenue and profit.
Our combination of scale, capabilities, and service sets Schwab apart in the industry. Our team knows that when we deliver for our clients, our business will grow and thrive. And that is what we intend to do. In 2025 and beyond, our focus will remain squarely on delighting our clients and bringing the best of Schwab to each of them. We will:
1. Continue to grow by deepening and expanding relationships with our existing clients, while also attracting new ones through the strength of our brand. We’ll continue to invest in our wealth, lending, and trading capabilities, creating opportunities for clients to keep even more of their financial lives at Schwab.
2. Focus on delivering brilliantly on the basics—aspiring to create an exceptional experience every time a client contacts us, no matter what channel they use. We will aim to delight in every interaction.
3. Lean into initiatives that help us operate more efficiently, like enhancing our digital experiences. This will not only make it easier for our clients to work with us but will also help drive our ability to reinvest in our business over the long term while also allowing us to manage our expenses thoughtfully.
4. Invest in our world-class team, making sure we have the right tools and resources to serve the needs of the individuals who make up our growing investor, advisor, and workplace participant client base.
We are in the business of helping people achieve their financial dreams. We do not lose sight of the fact that behind every one of our more than 43 million client accounts is a real person, or an advisor or employer who serves them. Every account represents a different story: a new graduate who wants to start their own business, a parent saving for their child’s education, or a dedicated employee saving for retirement. Knowing that we can make a meaningful and positive difference in the lives of millions of Americans inspires our team and motivates me to come to work to serve you and our clients every day.
I’m optimistic about the future of Schwab, and I’m grateful for your continued trust in us. As I look to our bright future, with our Through Clients’ Eyes strategy as our guide, I’m confident we’ll continue to bring the best of Schwab to our clients and to each of you.
Warmest regards,
Rick Wurster
March 3, 2025
linkedin.com/in/rickwurster