Charles Schwab CEO Says AI Is Poised to Boost Wealth Managers

Charles Schwab Corp.’s top executive said artificial intelligence is poised to aid the wealth-management sector rather than hurt it as fears around AI-driven financial advice have mounted, sending shares down this week.

Schwab Chief Executive Officer Rick Wurster said he was “disappointed and surprised” by a selloff of the retail brokerage’s shares Tuesday because he thinks AI has the potential to make financial advisers more efficient rather than irrelevant.

“The market is missing that we are a natural winner in the AI space because of all of the advantages we have — because of our size, our scale, our ...