By Hannah Erin Lang

Charles Schwab: Not just for Boomers.

That's one point that Schwab CEO Rick Wurster sought to make on the company's earnings call this morning, noting that roughly a third of its new clients this year are members of Gen Z, or those in their teens and twenties. An additional 34% are millennials, typically defined as those between 29 and 44 years old.

"The average age of our clients continues to get younger," Wurster said.

Schwab was a pioneer in retail investing, leading the brokerage industry's charge to lower commission costs. But the post-Covid market rally helped usher in a new generation of traders, and tech-centric brokers like Robinhood Markets found success in offering them mobile offerings that resonated with younger investors.

Robinhood, whose stock price has more than tripled this year, got close to overtaking Schwab in market value last week before stocks stumbled.

Schwab reported record third-quarter profits of $2.36 billion on Thursday, as stocks' torrid rise kept investors plugged into the markets and placing frequent trades. Revenue jumped 27% to $6.14 billion, also an all-time high.

The brokerage also plans to launch spot trading for cryptocurrencies Bitcoin and Ethereum in the first half of 2026.

"We're already winning" with younger investors, Wurster said. "Crypto will be additive."

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(END) Dow Jones Newswires

October 16, 2025 10:17 ET (14:17 GMT)

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