Charles Schwab reported record quarterly results on October 16, 2026, with $190 billion in new client assets, up 38% year over year, and 70% of new-to-firm clients Gen Z or millennials. The discussion has moved to the firm's strategy beyond asset gathering: an AI assistant named Charlie, retail access to private markets, an investor stake in the Texas Stock Exchange, and a Claude for financial advisors partnership with Anthropic that went live the night before a conference. Fee compression remains the open question, with no segment yet establishing how the new bets offset it.