Charles Schwab Sign NEW 640 by Photo: Diego M. Radzinschi/ALM

Charles Schwab Corp. is planning to use artificial intelligence to extend benefits usually reserved for wealthy clients to the less affluent.

Schwab Chief Executive Officer Rick Wurster said AI will be a "real accelerant" for the 55-year-old firm, after disruption concerns in the wealth-management business sent jitters through company shares, including Schwab's. Wurster said at the time that AI would help rather than hurt Schwab.

In an interview with David Rubenstein for an upcoming episode of Bloomberg Wealth, Wurster said customers must have at least $1 million at Schwab to qualify for a "dedicated relationship," but the vast majority of their clients don't meet that minimum.

"Using AI, we'll be able to offer them some of the same personalized insights that we're giving every day in our branches and in our dedicated relationships," Wurster said.

Before Robinhood Markets Inc. and a bevy of other brokerages started offering low- or no-cost trading over the past two decades, Schwab aimed to democratize investing by catering to retail customers after the U.S. Securities and Exchange Commission eliminated fixed commission rates in 1975. Since then, Westlake, Texas-based Schwab has swelled in size. It oversaw nearly $12 trillion in client assets and more than 39 million active brokerage accounts as of March.

Schwab also launched a generative-AI product for its customers earlier this month, combining insights on portfolio performance, relevant market news and Schwab analyst commentary to help investors make better-informed financial decisions.

Wurster also said he would "love" to serve the U.S. if tapped for a government role — eventually.

"I love Charles Schwab. I would never leave anytime soon for anything else," Wurster, 53, said. "But absolutely after I retire, if there was an opportunity, I'd love to help the country. I think this is an amazing country."

For the full interview with Wurster, watch Bloomberg Wealth on Tuesday, June 30, at 9 p.m. New York time on Bloomberg Television.

Photo: Diego M. Radzinschi/ALM

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