WEBVTT - President & CEO of Charles Schwab Talks Advisor Services

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>All Right, folks, if you really want to know what's

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<v Speaker 2>going on in the investment universe, you really want to

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<v Speaker 2>talk to the folks at Charles Schwab. It is a

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<v Speaker 2>great place to start. First of all, it's one hundred

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<v Speaker 2>and seventy five billion dollar market cap. Company stock is

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<v Speaker 2>up about twenty six percent year to date following its

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<v Speaker 2>recent earnings. At least eleven analysts raise their price target

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<v Speaker 2>on the stock after Schwab's third quarter earnings beat thanks

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<v Speaker 2>to a surge in retail investing activity.

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<v Speaker 3>And it's something we certainly want to dig into.

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<v Speaker 1>Yeah, let's talk about some more numbers behind the firm.

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<v Speaker 1>Eleven trillion dollars more than that in client assets, thirty

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<v Speaker 1>eight million client broadridge accounts, two point two million bank accounts,

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<v Speaker 1>five point six million workplace plan participant accounts, and over

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<v Speaker 1>sixteen thousand independent investment advisors. Thousands of them are here

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<v Speaker 1>at Schwab Impact twenty twenty five in Denver, Netwrick.

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<v Speaker 2>Wurster took over CEO in January this year, after previously

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<v Speaker 2>serving as president for about three years at the company.

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<v Speaker 2>He was head of Schwab Asset management solutions before that.

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<v Speaker 2>So you have been at the company company for nearly

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<v Speaker 2>a decade, is that right?

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<v Speaker 3>Yes, welcome, thank.

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<v Speaker 4>You, thank you, thanks for having me on, and we're

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<v Speaker 4>so thrilled that you made the trip to be here

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<v Speaker 4>in Denver at the conference.

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<v Speaker 2>Well, we love coming here because we really do feel

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<v Speaker 2>like it's good to get out of I feel like

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<v Speaker 2>the coasts, and I feel like it's good to talk

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<v Speaker 2>to the people who are actually managing tons and tons

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<v Speaker 2>of money on a daily basis.

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<v Speaker 3>Talk to us about your first year and some.

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<v Speaker 2>Of what's been coming at you and how you and

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<v Speaker 2>your team are making sense of kind of the investment

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<v Speaker 2>environment when things can change often on a day to

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<v Speaker 2>day basis.

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<v Speaker 4>Well, the most rewarding part of the first year has

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<v Speaker 4>been serving our forty six million clients. And it's been

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<v Speaker 4>a year in which the value of what we bring

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<v Speaker 4>to the table, great in person experiences, the leading digital

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<v Speaker 4>app the strength of our bank and wealth capabilities, where

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<v Speaker 4>all of those things have been necessary to help clients

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<v Speaker 4>navigate markets. So that's what I take most from the

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<v Speaker 4>first year. It's just such an incredible opportunity to serve

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<v Speaker 4>our clients and the sixteen thousand advisors on our platform,

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<v Speaker 4>many of whom are here. It's real honor to be

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<v Speaker 4>their partner in business.

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<v Speaker 1>Well, the market environment right now, we want to dive

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<v Speaker 1>right in there, because really this week we've heard from

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<v Speaker 1>different Wall Street executives that an overdue collection have weighed

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<v Speaker 1>on the market this week, so reduced expectations at that rate,

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<v Speaker 1>cuts at prolonged government shot down. Michael Berry added to

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<v Speaker 1>the negative tone with his disclosure of farish wagers on

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<v Speaker 1>talent here and Nvidia diet buyers. Though coming back into

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<v Speaker 1>the trades to day, retail investors have been buying dips.

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<v Speaker 1>How do you see today's environment from sort of a

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<v Speaker 1>risk reward perspective.

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<v Speaker 4>We try to focus our clients on the long term.

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<v Speaker 4>I think that owning securities and assets over long periods

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<v Speaker 4>of time will generally go up. It's really hard to

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<v Speaker 4>get the timing of markets down because you have to.

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<v Speaker 5>Make two correct calls.

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<v Speaker 4>First, you got to nail it to get out at

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<v Speaker 4>the right time, which is really hard. In the strength

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<v Speaker 4>of the kind of market we've had in the momentum,

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<v Speaker 4>we've had to get out at the right times incredibly hard.

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<v Speaker 4>And then you've got to be able to get back

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<v Speaker 4>in at the right time, or you miss out. I

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<v Speaker 4>was down in Charlotte, North Carolina, visiting with some clients

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<v Speaker 4>and I heard from one client who back in twenty

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<v Speaker 4>sixteen didn't like the presidential administration and so had sold

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<v Speaker 4>out of stocks. And this was back when we were

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<v Speaker 4>having a pullback, and they said, would now be a

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<v Speaker 4>good time to get back in the market, and they'd

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<v Speaker 4>set out a huge amount of gains over a short

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<v Speaker 4>term point of view. We try to have clients avoid that.

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<v Speaker 4>Clients can stay in the market and tolerate some volatility.

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<v Speaker 4>We think over the long run that gets rewarded because

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<v Speaker 4>it is so hard to call the markets.

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<v Speaker 5>Both when to get out and when to get back in.

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<v Speaker 2>So as you walk around the floor and you're talking

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<v Speaker 2>to advisors, I mean, what are they talking about, you know,

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<v Speaker 2>in terms of timely advice that you're getting maybe from

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<v Speaker 2>the advisors and what they are kind of hearing from

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<v Speaker 2>their clients.

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<v Speaker 4>I think one of the most pressing topics from investors

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<v Speaker 4>today is how to navigate concentrated positions. The S and

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<v Speaker 4>p's as its concentrated as it's ever.

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<v Speaker 3>Been, right, the mag seven, the big tech.

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<v Speaker 4>Yes, and it's created a tremendous wealth for lots of

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<v Speaker 4>retail investors, and now they're wondering how to diversify their

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<v Speaker 4>portfolio and to do so in a way to minimize

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<v Speaker 4>their tax burden. And there's all kinds of strategies that

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<v Speaker 4>they can work with their advisor on to create a

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<v Speaker 4>more diversity portfolio without having to pay a tremendous amount

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<v Speaker 4>in capital rigaan.

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<v Speaker 2>How hard is it, though, that when clients are like,

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<v Speaker 2>but why would I want to get out of Nvidia.

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<v Speaker 3>When I've seen what they've been doing for how many years?

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<v Speaker 1>Like?

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<v Speaker 3>How tough is that?

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<v Speaker 2>Because we constantly have conversations of people saying it's time

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<v Speaker 2>to broad nab back off the big tech, and then

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<v Speaker 2>it's the big.

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<v Speaker 3>Tech with so much momentum.

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<v Speaker 4>Well, you're absolutely right, and it's a really hard conversation

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<v Speaker 4>to have and oftentimes we don't win it, but we

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<v Speaker 4>want to make sure the client is cognizant of the

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<v Speaker 4>risk and the choice.

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<v Speaker 5>That they're making.

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<v Speaker 4>Yeah, and to be fair to those investors, they've been

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<v Speaker 4>right by sticking with their concentrated position for the most part,

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<v Speaker 4>because the names that have driven the market higher have

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<v Speaker 4>been the same ones here for a while, and so

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<v Speaker 4>many people have stuck with it, and they are sitting

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<v Speaker 4>on more gains and they might have anticipated.

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<v Speaker 1>So let's go further into the retail trader, because they've

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<v Speaker 1>grown about twenty percent of the US equity market today.

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<v Speaker 1>I'm curious about sentiment trends, like the structure of this trend.

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<v Speaker 1>How resilient are we tell traders in an eventual downturn? Why?

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<v Speaker 4>I think retail traders have been the ones leading the

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<v Speaker 4>market higher and have been the ones buying the dips.

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<v Speaker 4>And I think they were out actually in many ways,

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<v Speaker 4>out ahead of the institutional buyers. And so I think

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<v Speaker 4>you have a retail buyer that has strong hands and

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<v Speaker 4>we'll stick through the market.

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<v Speaker 5>So we'll see how it all plays out.

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<v Speaker 4>But markets go up and down and retail investors will

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<v Speaker 4>inevitably make some decisions in there that's best for them.

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<v Speaker 1>People here, retail investor, they think about Robinhood. For example,

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<v Speaker 1>your customer versus Robinhood's customer base. What are the differences there?

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<v Speaker 4>Well, our customer is an incredibly thoughtful group of retail investors. First,

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<v Speaker 4>they have access to what we think are the best

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<v Speaker 4>investing platforms in the industry. Number Two, they have access

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<v Speaker 4>to the most robust research platform. We produce thirty five

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<v Speaker 4>hours a week of live education and training for investors,

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<v Speaker 4>so they're making the most informed decisions. We also don't

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<v Speaker 4>make them choose a channel, not only the leading digital app,

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<v Speaker 4>but they can walk in and talk to someone that

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<v Speaker 4>can call our phone and get their I should answer

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<v Speaker 4>in less than thirty seconds. We have one thousand professional

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<v Speaker 4>traders that wake up every morning ready to answer the

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<v Speaker 4>phone to help our clients trade. So I think that

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<v Speaker 4>we bring everything we can to help our clients be successful,

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<v Speaker 4>and I think they are. They make thoughtful decisions that

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<v Speaker 4>are best for their financial life.

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<v Speaker 2>Now, you guys have talked about one third of your

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<v Speaker 2>clients are gen Z, So talk to us about how

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<v Speaker 2>you continue to bring them in. How do you defend

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<v Speaker 2>them keeping them in? What do you need to kind

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<v Speaker 2>of do to serve them and keep them on your platform.

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<v Speaker 4>So one third of our new to firm clients are

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<v Speaker 4>gen Z, which is between the ages of thirteen and

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<v Speaker 4>twenty eight.

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<v Speaker 5>We are having tremendous.

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<v Speaker 3>Sucives and that was new customers right.

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<v Speaker 5>New customers.

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<v Speaker 4>But we're having tremendous success with the young investor because

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<v Speaker 4>we see through their eyes, and we put all the

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<v Speaker 4>weight and strength of our firm behind helping them live

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<v Speaker 4>their best financial life and make the smartest financial decisions

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<v Speaker 4>for them. We don't just say hey, here's a platform,

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<v Speaker 4>go for it. Certainly many want to do that and

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<v Speaker 4>they can have at it, but we also stand behind

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<v Speaker 4>every one of them. If they want access to our research,

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<v Speaker 4>they want to talk to a professional, and in terms

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<v Speaker 4>of where we're finding them, it's interesting. I went to

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<v Speaker 4>our marketing department and I said, I don't see enough

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<v Speaker 4>about our advertising to young people. And they said, Rick,

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<v Speaker 4>it's because you're not cool and in the places where

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<v Speaker 4>young people go.

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<v Speaker 3>But where does that hurt?

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<v Speaker 5>It hurt a little bit.

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<v Speaker 4>We're the number one followed financial services company on YouTube,

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<v Speaker 4>We're all over TikTok, We're on all these different places

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<v Speaker 4>where young people are, and they're attracted to the breadth

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<v Speaker 4>that the Schwab value proposition and how different it is

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<v Speaker 4>than other offers they see in the market.

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<v Speaker 1>Well, speaking of what's out there in the market, go ahead.

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<v Speaker 3>Are you going to ask about crypto?

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<v Speaker 5>No?

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<v Speaker 1>Not yet?

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<v Speaker 3>Do you want to wait?

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<v Speaker 1>Yeah? I want to wait. I want to ask about

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<v Speaker 1>prediction markets. Okay, because this is something that I think

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<v Speaker 1>gen Z wants and polymarket is back in the US.

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<v Speaker 1>It is certainly related to crypto, right, Carol, What role

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<v Speaker 1>does schwab have in prediction markets in the future.

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<v Speaker 4>Well, I think prediction markets started out with financial services

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<v Speaker 4>companies with the best of intentions. They wanted their investors

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<v Speaker 4>to be able to bet on what was going to

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<v Speaker 4>happen with the inflation report, what's going to happen with

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<v Speaker 4>the job report, or what the Fed's.

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<v Speaker 5>Going to do.

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<v Speaker 4>And they realize that there's not a lot of volume

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<v Speaker 4>and interest in those events in the general public, and

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<v Speaker 4>that there's already ways in financial markets to invest around

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<v Speaker 4>those activities. And then the election happened and the volume

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<v Speaker 4>in prediction markets skyrocketed, and these companies got a windfall

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<v Speaker 4>of money. And then they said to themselves, well, a

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<v Speaker 4>presidential election only comes one every four years, how do

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<v Speaker 4>we generate this level of interest on more of an

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<v Speaker 4>ongoing basis so we can see this wind fall more regularly.

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<v Speaker 4>And then they migrated from things that were tangentially related

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<v Speaker 4>to financial markets to pure sports gambling, because every Saturday

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<v Speaker 4>and Sunday there's lots of activities that the nation cares

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<v Speaker 4>about and now I think we're in a world where

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<v Speaker 4>what's driving all the volume and prediction markets is pure

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<v Speaker 4>sports gambling.

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<v Speaker 1>So yes or no for Schwap getting involved.

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<v Speaker 5>But something we gotta keep an eye on.

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<v Speaker 4>You're considering it, we're not actively considering, and the reason

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<v Speaker 4>we're not actively considering it is our mission is to

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<v Speaker 4>make our clients better off their financial life. Five percent

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<v Speaker 4>of people and actually read this on Bloomberg very early

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<v Speaker 4>this morning, five percent of people that put money into

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<v Speaker 4>a gambling app take out more than they put in

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<v Speaker 4>in the first place. So gambling has proven to be

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<v Speaker 4>a negative contribution to your wealth. Now, it's fine if

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<v Speaker 4>you use it as entertainment and you're doing it in

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<v Speaker 4>a thoughtful way, but our mission is to make clients

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<v Speaker 4>better off in their financial life and enhance their wealth.

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<v Speaker 2>Does that then say to you that it's not a

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<v Speaker 2>good idea in terms of the prediction markets and kind

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<v Speaker 2>of mixing them with traditional investing.

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<v Speaker 4>From my viewpoint, we want to do everything we can

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<v Speaker 4>to put our clients in the best chance to grow

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<v Speaker 4>their wealth. And I think it's fine for people to gamble.

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<v Speaker 4>People are going to gamble, Hopefully they do it in

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<v Speaker 4>a responsible way. The thing I worry most about is

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<v Speaker 4>the conflation between gambling and investing. If you're a young investor,

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<v Speaker 4>you've got ten thousand dollars in your account, you can

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<v Speaker 4>move it easily between investing in a stock that over

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<v Speaker 4>the long run is likely to go up over the

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<v Speaker 4>course of your life, or you can go bet on

0:09:59.320 --> 0:10:02.280
<v Speaker 4>the Eagles game that weekend. I think that is not

0:10:02.960 --> 0:10:05.199
<v Speaker 4>the greatest thing for the retail investor.

0:10:05.200 --> 0:10:09.480
<v Speaker 2>Speaking of gambling and perhaps gamification, Crypto we're just crypto

0:10:09.520 --> 0:10:10.760
<v Speaker 2>fit into all of this for you guys.

0:10:11.000 --> 0:10:14.720
<v Speaker 4>Well, crypto has become an asset class that many people

0:10:14.880 --> 0:10:17.200
<v Speaker 4>have their full confidence and trust in and they view

0:10:17.240 --> 0:10:20.120
<v Speaker 4>it as a store of value. And on our platform

0:10:20.120 --> 0:10:22.640
<v Speaker 4>we have lots of people engaged in crypto today. In fact,

0:10:22.679 --> 0:10:27.800
<v Speaker 4>our clients own twenty percent of all the etp's crypto

0:10:28.000 --> 0:10:31.160
<v Speaker 4>ETPs in our country, So our clients are big investors

0:10:31.160 --> 0:10:34.360
<v Speaker 4>in crypto. And for most people, buying the exchange traded

0:10:34.400 --> 0:10:36.480
<v Speaker 4>product is the right way to go because they're not

0:10:36.520 --> 0:10:39.439
<v Speaker 4>looking to transact in bitcoin, they're just looking to get

0:10:39.440 --> 0:10:42.800
<v Speaker 4>exposure to the price movements now. In addition to offering

0:10:42.840 --> 0:10:46.520
<v Speaker 4>the ETP, we will in time offer spot Crypto and

0:10:46.520 --> 0:10:49.560
<v Speaker 4>We're confident that we've got clients that are sitting at

0:10:49.720 --> 0:10:52.400
<v Speaker 4>digital native firms that have been long Schwab clients that

0:10:52.440 --> 0:10:54.800
<v Speaker 4>we no want to bring those assets back to Schwaman.

0:10:54.840 --> 0:10:56.000
<v Speaker 5>We're looking forward to being able to.

0:10:55.920 --> 0:10:57.400
<v Speaker 3>Do that this year, next year.

0:10:58.040 --> 0:10:59.920
<v Speaker 1>Next year, still first out the twenty twenty ses.

0:11:00.760 --> 0:11:03.280
<v Speaker 5>That's where we're shooting focused and so far, so good.

0:11:04.640 --> 0:11:07.800
<v Speaker 4>You have an idea, I'm not going to get that specific.

0:11:07.960 --> 0:11:09.400
<v Speaker 5>I'd get slapped earlier by someone.

0:11:10.480 --> 0:11:13.880
<v Speaker 1>Well, speaking of last year, you sat in this chair,

0:11:13.920 --> 0:11:15.839
<v Speaker 1>we were in San Francisco and we had a fun

0:11:15.880 --> 0:11:19.559
<v Speaker 1>conversation about crypto. You made headlines. You said this was

0:11:19.600 --> 0:11:21.920
<v Speaker 1>a year ago. I have not bought crypto now, and

0:11:21.960 --> 0:11:25.000
<v Speaker 1>I feel silly. You also said crypto investors have been

0:11:25.040 --> 0:11:27.679
<v Speaker 1>right in that you haven't been right, So update us.

0:11:27.800 --> 0:11:29.000
<v Speaker 1>Have you bought crypto since then?

0:11:29.280 --> 0:11:32.360
<v Speaker 4>I have not bought crypto. I have nothing against crypto.

0:11:32.400 --> 0:11:34.680
<v Speaker 4>I can certainly see the case of it. If people

0:11:34.720 --> 0:11:36.880
<v Speaker 4>believe it's a store of value, it is scarce and

0:11:36.920 --> 0:11:39.480
<v Speaker 4>it could go up. I think the blockchain is something

0:11:39.520 --> 0:11:42.040
<v Speaker 4>that is likely to play a bigger part in markets,

0:11:42.040 --> 0:11:46.079
<v Speaker 4>and therefore crypto can have some value around blockchain. For me, personally,

0:11:48.160 --> 0:11:50.559
<v Speaker 4>my investments are an assets that I consider to be

0:11:50.600 --> 0:11:54.079
<v Speaker 4>productive assets or generating earnings, are generating principle or interest,

0:11:54.400 --> 0:11:56.080
<v Speaker 4>and that's where I focus my investment place.

0:11:56.200 --> 0:11:58.560
<v Speaker 1>It's interesting that you say that, because when you said

0:11:58.559 --> 0:12:00.559
<v Speaker 1>that comment to us last year in the middle of November,

0:12:00.640 --> 0:12:02.480
<v Speaker 1>bitcoin was that and we were talking about bitcoin? Was

0:12:02.520 --> 0:12:04.560
<v Speaker 1>that one hundred thousand dollars? Right now it's at about

0:12:04.559 --> 0:12:07.960
<v Speaker 1>one hundred and four thousand dollars, So you look right

0:12:09.240 --> 0:12:10.720
<v Speaker 1>by not actually getting in.

0:12:10.720 --> 0:12:14.840
<v Speaker 4>Right then possibly, and bitcoin and crypto generally is going

0:12:14.880 --> 0:12:16.600
<v Speaker 4>to go up, It's going to go down. It's volatility

0:12:16.679 --> 0:12:19.120
<v Speaker 4>is something. It's standard deviation is something like fifty percent,

0:12:19.160 --> 0:12:22.120
<v Speaker 4>So we should expect wild swings. And for the right

0:12:22.200 --> 0:12:24.080
<v Speaker 4>group of folks, they want to own it, they believe

0:12:24.160 --> 0:12:26.760
<v Speaker 4>passionately in it, and they should have it as part

0:12:26.760 --> 0:12:29.360
<v Speaker 4>of their portfolio. For some investors, it's what they want

0:12:29.360 --> 0:12:30.040
<v Speaker 4>to invest.

0:12:29.800 --> 0:12:33.560
<v Speaker 2>In, private credit, private markets. How about that in terms

0:12:33.559 --> 0:12:36.040
<v Speaker 2>of you think the role that that will play.

0:12:35.760 --> 0:12:38.960
<v Speaker 1>In our retirement those portfolios in our retirement accounts.

0:12:39.480 --> 0:12:40.840
<v Speaker 3>How do you feel about that one?

0:12:41.280 --> 0:12:43.360
<v Speaker 4>Well, you're a great private company. There's lots of great

0:12:43.360 --> 0:12:46.240
<v Speaker 4>private companies in our country that have found really well, right,

0:12:46.360 --> 0:12:50.839
<v Speaker 4>I think retail investors should be exposed to private opportunities.

0:12:51.640 --> 0:12:53.640
<v Speaker 4>We would like to bring it to market in three ways.

0:12:54.080 --> 0:12:57.400
<v Speaker 4>Number One, we access. We provide access to retail clients

0:12:57.440 --> 0:13:01.840
<v Speaker 4>to great alternatives managers and private equity, private credit, venture capital,

0:13:01.920 --> 0:13:04.760
<v Speaker 4>a lot of the names that you're familiar with. Second

0:13:04.840 --> 0:13:07.600
<v Speaker 4>thing is I think at the right time, we would

0:13:07.600 --> 0:13:09.920
<v Speaker 4>love to be able to offer passive exposure in a

0:13:10.000 --> 0:13:13.920
<v Speaker 4>fund like structure to private markets. Just like in public

0:13:13.960 --> 0:13:17.120
<v Speaker 4>markets today you can go buy you know, the S

0:13:17.160 --> 0:13:20.400
<v Speaker 4>and P five hundred eight X fund and get broad

0:13:20.440 --> 0:13:22.440
<v Speaker 4>representation of stocks. You should be able to do that

0:13:22.480 --> 0:13:24.200
<v Speaker 4>in private markets. We'd love to play a role in

0:13:24.200 --> 0:13:26.720
<v Speaker 4>that in the future. And then third, like you can

0:13:26.720 --> 0:13:29.080
<v Speaker 4>buy individual stocks if you don't want either the active

0:13:29.080 --> 0:13:31.960
<v Speaker 4>management or the passive exposure to the broad market. I

0:13:31.960 --> 0:13:35.920
<v Speaker 4>think that marketplace for single security private companies should expand

0:13:35.920 --> 0:13:38.160
<v Speaker 4>over time. And so those are the three ways we

0:13:38.240 --> 0:13:40.080
<v Speaker 4>envision the market expanding, and we want to play a

0:13:40.120 --> 0:13:40.760
<v Speaker 4>role in all three.

0:13:42.320 --> 0:13:43.280
<v Speaker 3>Do we have to wrap?

0:13:44.559 --> 0:13:47.040
<v Speaker 2>Can I get you twenty thirty seconds on elections and

0:13:47.160 --> 0:13:50.840
<v Speaker 2>changes and environments? And I think the midterms and what

0:13:50.920 --> 0:13:53.520
<v Speaker 2>might happen next time at the White House. How does

0:13:53.520 --> 0:13:55.199
<v Speaker 2>that fit into your thinking in terms of long term

0:13:55.200 --> 0:13:57.560
<v Speaker 2>strategy for the company, Because we've had a vault a

0:13:57.679 --> 0:13:58.480
<v Speaker 2>year a little bit.

0:13:59.040 --> 0:14:02.040
<v Speaker 4>Markets have thrived through all types of administrations and changes

0:14:02.440 --> 0:14:05.640
<v Speaker 4>and presidents and changes in the Senate and House and

0:14:05.679 --> 0:14:08.200
<v Speaker 4>all of that. And so our message to clients is

0:14:08.240 --> 0:14:12.240
<v Speaker 4>stay diversified and be invested, and stay invested and have

0:14:12.280 --> 0:14:14.000
<v Speaker 4>a plan for your financial life. And if you do

0:14:14.080 --> 0:14:17.200
<v Speaker 4>those things, they'll navigate different ups and downs associated with

0:14:17.200 --> 0:14:21.120
<v Speaker 4>different administrations. And that's our council to clients.

0:14:20.880 --> 0:14:23.560
<v Speaker 3>All right. So appreciate your time as always and fun

0:14:23.600 --> 0:14:24.240
<v Speaker 3>to be at your event.

0:14:24.240 --> 0:14:25.920
<v Speaker 4>I always love seeing you here and I appreciate the

0:14:25.920 --> 0:14:27.920
<v Speaker 4>commitment you both made to be here in Denver and

0:14:27.960 --> 0:14:29.640
<v Speaker 4>be a part of the Impact conference.

0:14:29.680 --> 0:14:30.200
<v Speaker 5>Thank you well.

0:14:30.200 --> 0:14:32.240
<v Speaker 1>Hopefully we'll see you next year and more between now

0:14:32.240 --> 0:14:32.520
<v Speaker 1>and then.

0:14:32.640 --> 0:14:36.320
<v Speaker 2>Yeah, exactly, Rickhurster, Presidency of Charles Schwab of course, kicking

0:14:36.320 --> 0:14:38.560
<v Speaker 2>off our coverage here at SWAB Impact twenty twenty five.

0:14:38.600 --> 0:14:40.920
<v Speaker 3>We are here in Denver, Brick again, thank you so much,