Charles Schwab CEO Walt Bettinger to Retire

The Charles Schwab Corp. CEO Walt Bettinger will retire at the end of the year and be succeeded by the current president, Rick Wurster, the firm announced Tuesday.

Bettinger will continue his position as executive co-chairman of the board of directors, along with founder Charles R. Schwab. Wurster has been president since 2021, a title he will retain alongside the new titles of CEO and member of the board of directors, starting on January 1, 2025. The firm called the move a “multi-year” transition.

Bettinger has been CEO of the asset manager, financial advisory and recordkeeper since late 2008. During his tenure at the firm, client assets grew to $9.74 trillion from $1.14 trillion. Meanwhile, client brokerage, banking and workplace participant accounts grew to 43.2 million from 9.3 million, according to the firm.

Walt Bettinger

Part of the growth came from the 2020 acquisition of TD Ameritrade, valued at about $26 billion and noted, by Schwab, as the largest investment management brokerage deal in the history of the industry.

The deal has faced its challenges. First, it fought through an anti-trust lawsuit, and it later faced some criticism for the years it took to transfer clients and complaints about the transition, which included loss of some of the TD Ameritrade registered investment advisers.

Schwab countered that the complaints were from a minority, with Bettinger defending the transition directly at the firm’s 2023 Charles Schwab Impact conference, according to reports at the time. The client transition was completed in May 2024.

Andrew Besheer, managing principal, Besheer & Associates LLC, believes the TD Ameritrade deal will “absolutely play a role in Walt’s legacy,” but that, while the ultimate assessment is yet to be given, “I think the initial returns are probably much better than some of the doom and gloom that commentators have put out previously.”

Furthermore, he sees Bettinger’s legacy as “so much more than just TDA,” but the growth of the business and assets overall.

“Not without some hiccups—the concerns around the bank last year and the issues around cash sweeps for clients are certainly overhang—but I think on balance you have to say that in terms of growing the business and setting it up for his successor, he’s done an outstanding job,” Besheer says.

Charles Schwab currently ranks as the ninth-largest 401(k) recordkeeper by assets with $235 billion, according to the 2024 PLANSPONSOR Recordkeeping Survey.

Rick Wurster

“As I approach my 65th 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,” Bettinger said in a statement. “My deep belief in servant leadership has guided me throughout my career, while the support of Schwab’s Board of Directors and the incredibly talented 33,000 Schwab employees helped us navigate through multiple economic cycles while serving our clients and rewarding our stockholders.”

New CEO Wurster joined the firm in 2016 from leadership roles at Wellington Management and McKinsey & Co. Before becoming president, he was head of Schwab Asset Management Solutions, where he led money management and portfolio advice solutions.

“I am honored to succeed Walt as Schwab’s CEO,” Wurster said in a statement. “He has led Schwab to record results over the last 16 years and has done so with humility, exceptional character, and a servant mindset.”

Financial services consultant Besheer says the new CEO will no doubt have “the challenge of following in the footsteps of an industry giant,” but that Wurster’s eight years at the business will help, along with Bettinger having mentored him and still holding a role at the company. Besheer also notes that Wurster is familiar with the business lines as president, and was involved with the TD Ameritrade deal, so doesn’t expect that “the boat is going to get rocked in any significant way.”

The CEO news comes a few months after the firm announced an executive reshuffle that included a new head of adviser services, Jon Beatty. Bernie Clark, the former head who had overseen major growth for the division, took an advisory role.