Schwab Wants to Add More Private-Firm Investments, CEO Says

Core Insights - Charles Schwab Corp. aims to provide retail investors with more opportunities to invest in private companies as the number of private firms increases and public companies decrease [2][3] Group 1: Company Strategy - CEO Rick Wurster emphasized the need for retail investors to have direct access to private companies, citing examples like Stripe Inc. and OpenAI as billion-dollar firms that should be accessible [2] - Schwab has launched an alternative-investment platform for eligible retail clients with over $5 million in household assets, offering access to a curated selection of third-party alternative investment funds [3] Group 2: Financial Performance - The company has seen a fourfold increase in retail assets and households since 2017, with total client assets reaching $10.76 trillion in Q2, a 14% increase year-over-year [4] - Schwab plans to enhance customer service by adding 16 new branches and expanding or relocating 25 existing retail locations [4]