Charles Schwab plans to introduce direct crypto trading services once US regulatory conditions allow, according to incoming CEO Rick Wurster.
On 12 November 2024, in an interview with Bloomberg Radio, Wurster noted the growing demand for digital assets among the firm’s clients while admitting he has yet to personally invest in cryptocurrencies.
“Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it,” Wurster said, adding, “I have not bought crypto, and now I feel silly.”
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Charles Schwab To Allow Clients Invest In Crypto
While Wurster has no immediate plans to invest in cryptocurrencies himself, he expressed a commitment to supporting clients eager to access this market.
“We’d also like to directly offer crypto,” Wurster told Yahoo Finance. “We’ve been waiting for a change in the regulatory environment to do that, and we’re confident that will come in short order.”
Schwab clients have already been active in the crypto space through investment options like exchange-traded funds (ETFs) and futures, which the firm currently offers. These vehicles have seen strong performance, underscoring the demand for crypto investment opportunities.
As Schwab prepares to expand its crypto offerings, it faces competition from established players like Fidelity and fintech platforms such as Robinhood and Webull.
“We’d also like to directly offer crypto … we’ve been waiting for a change in the regulatory environment in order to do that, and we’re confident that we think that will come in short order,” says incoming Charles Schwab CEO Rick Wurster as bitcoin hits a new all-time high. pic.twitter.com/A7JKLPXxbp
— Yahoo Finance (@YahooFinance) November 21, 2024
Wurster also expressed optimism about the transformative potential of artificial intelligence (AI) in the wealth management industry. He noted that Schwab has implemented AI solutions to enhance efficiency and client service.
“It used to be that 60,000 times a month, a phone representative spent more than three minutes searching for information to answer a client question. Now AI finds that information in seconds,” he said.
Wurster will officially assume his role as CEO on Jan. 1, succeeding Walt Bettinger, who has led the firm since 2008.
In October, Schwab released survey data showing crypto as the second most sought-after asset class among ETF investors, outranking fixed-income options.
The crypto market recently hit a record capitalization of $3.45 trillion, bolstered by news of US Securities and Exchange Commission Chair Gary Gensler’s planned departure in January.
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Survey Reveals Growing Confidence In Crypto Among Financial Advisors
According to a recent survey by the Digital Assets Council of Financial Professionals (DACFP) and Franklin Templeton Digital Assets, there has been a notable shift in the attitudes of financial advisors and their clients toward cryptocurrencies.
The survey shows increased adoption of digital assets in portfolios and growing recommendations by financial professionals, signaling rising confidence in the asset class.
The data show that 19% of advisors now report more than half of their clients hold digital assets, up from 15% in the previous quarter. Meanwhile, the percentage of advisors with no crypto-owning clients has dropped to just 3%, compared to 8% in Q2.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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