Schwab CEO Walt Bettinger to be Replaced by Rick Wurster

Wurster will take over for Bettinger, who oversaw the growth of client assets to $9.74 trillion.

Jeff Benjamin

Wealth Management Editor

Oct 01, 2024

Reviewed by: etf.com Staff

Edited by: James Rubin

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Charles Schwab Corp., the fifth-largest ETF issuer, has named its next chief executive officer, current president Rick Wurster, who will step into his new role Jan. 1.

The Westlake, Texas-based financial services conglomerate announced the news Tuesday morning, describing it as “part of a multi-year succession plan” that includes the Dec. 31 retirement of current CEO Walt Bettinger.

The executive transition follows the June retirement of Bernie Clark as head of Schwab Advisor Services after more than 25 years with the company, including 15 as the head of the registered investment advisor business.

Clark was replaced by Jon Beatty, the chief operating officer of Schwab Advisor Services.

Wurster, who has been president since 2021, will retain the president title when he takes over the CEO role. And Bettinger will continue to serve as executive co-chairman of Schwab’s board of directors.

Schwab Asset Management has 31 ETFs that combine for $375 billion. Two-thirds of those ETFs are slated for share-price splits on Oct. 11 in a move aimed at driving appeal among financial advisors and retail-class investors.

Bettinger, who has been the CEO since 2008, has overseen a growth in client assets to $9.74 trillion from $1.14 trillion when he took over.

Schwab's Market Capitalization Soars

The client brokerage, banking and workplace participant accounts grew to 43.2 million from 9.3 million. And Schwab’s market capitalization has grown to approximately $119 billion from $18 billion in 2008.

Bettinger also oversaw the acquisition of rival custodian TD Ameritrade in 2020.

The company did not make anyone available for an interview for this story, but in a prepared statement, Bettinger said, “As I approach my 65^th birthday in 2025, the time is right for me to transition from day-to-day duties and focus on my role as executive co-chairman of the Schwab board of directors.”

Founder and co-chair Charles R. Schwab described Bettinger’s tenure as “the most significant growth in the company’s history.”

“He has earned the right to determine his retirement as CEO,” Schwab said in a prepared statement.

Jeff Benjamin

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Jeff Benjamin is the wealth management editor at etf.com, responsible for coverage related to the financial planning industry. This includes writing, hosting podcasts, webinars, video interviews and presenting at in-person events.

Jeff is a veteran journalist with more than 30 years’ experience covering the financial markets. He has won more than two dozen national and regional awards for his reporting. He most recently worked as a senior columnist at InvestmentNews where he wrote about investment products and strategies, as well as the broader financial planning industry. Prior to that, Jeff worked as an analyst at Cerulli Associates where he researched and wrote reports on the alternative investments industry. Jeff also worked as a money management reporter at Dow Jones Newswires, where he covered the mutual fund industry.

Based in North Carolina, Jeff is a former Marine and has a bachelor’s degree in journalism from Central Michigan University.

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