Icons and Ideas with Peter Mallouk

What’s really changing in investing — and what’s just hype? Peter Mallouk sits down with Charles Schwab CEO Rick Wurster to talk through the trends that matter most right now: the rise of convenience as a competitive advantage, what prediction markets actually tell us (and what they don’t), Schwab’s evolving view on digital assets, and whether AI will make financial advice faster and more personal or just harder to trust. They also dig into why the human side of planning still wins when the stakes are high and the decisions are emotional. It’s a candid look at how one of the industry’s biggest players is thinking about your money. (00:00) Schwab’s client-first approach and what it means for everyday investors (02:16) The big shifts Rick thinks will shape investors’ decisions (04:13) Prediction markets: useful signals vs. sports gambling (08:21) Digital assets: speculation, crypto and what clients are asking for (11:08) Wurster explains fee increases for its advisor referral program (15:55) Why Schwab disrupts itself and how “convenience” is changing the industry (18:03) Blockchain and stablecoins: what might actually be useful (21:34) AI and financial advice: what may get faster and more personal (and what won’t) (26:43) What Schwab is building next and why it matters for your money (27:54) Staying calm and rational as things change RESOURCES Follow Peter on his social media accounts: X | LinkedIn | Instagram | Facebook Follow Creative Planning’s social media accounts: X | LinkedIn | Instagram | Facebook Browse through all our episodes here. Like the Icons and Ideas podcast? Check out Peter’s other podcasts! Signal or Noise Down the Middle

Join Creative Planning President and CEO Peter Mallouk and Vista Equity Partners Founder, Chairman and CEO Robert Smith for a conversation on AI in enterprise software and what it means for investors. They explore how AI agents are reshaping SaaS business models, why mission-critical systems must be highly accurate and how enterprise AI is shifting value from seat-based pricing to measurable outcomes. They also discuss durable value creation, market volatility and how long-term investors can stay focused when headlines move faster than fundamentals. (00:00) Introduction (01:24) How early exposure to tech shaped Robert’s edge (02:44) Lessons from Wall Street that still apply today (03:50) Why enterprise software can be a durable investment (04:29) “No finish line” — the mindset behind continuous improvement (06:21) Davos takeaways that matter for markets (07:03) Using AI without giving away enterprise value (09:06) Enterprise software, explained in plain English (an insurance example) (10:51) When “mostly right” can cost you money (12:16) What investors are getting wrong about AI and subscription software (14:00) From seats to agents: what this shift means for growth and pricing (16:34) Why some software is so hard to replace (19:03) The skills that still pay off as AI reshapes services (22:40) A better way to trust your gut: test, learn, repeat (24:56) Building teams that keep up with constant change (27:00) Discipline and excellence — the advantage that compounds (28:53) Where innovation is happening now (and how to keep up) (31:43) The messy middle: what change looks like before it works (36:25) Why no sector stays safe forever — and what to do instead (39:16) The Morehouse moment — and a mindset you can use now   RESOURCES Follow Peter on his social media accounts: X | LinkedIn | Instagram | Facebook Follow Creative Planning’s social media accounts: X | LinkedIn | Instagram | Facebook Browse through all our episodes here. Like the Icons and Ideas podcast? Check out Peter’s other podcasts! Signal or Noise Down the Middle

Tony Robbins, life and business strategist and bestselling author, shares how emotional fitness and clarity shape your story. He discusses why challenge builds resilience, how scaled giving multiplies impact, and the future skills needed for AI disruption. Short, energetic insights on state, meaning, and recognizing patterns that drive lasting change.

Shawn Achor, a happiness researcher and author known for his insights into positive psychology, shares fascinating ideas on happiness and success. He discusses the phenomenon of 'happiness anxiety' and its impact on well-being. Achor emphasizes the power of social connections as a key predictor of happiness, supported by research from Harvard. They explore practical habits like gratitude, which enhance joy and reduce loneliness, and address misconceptions about happiness. Achor's personal journey adds depth to his message about the transformative effects of small daily practices.

Jeremy Siegel, a renowned economist and Wharton School professor, shares his insights on long-term investing and market behaviors. He argues that stocks remain the most stable asset class over time, while bonds falter against inflation. Siegel critiques COVID-era fiscal policies, linking them to rising housing prices that left many Americans behind. He warns of cybersecurity risks and discusses the potential of cryptocurrency as a low-fee payment alternative. Ultimately, he celebrates America's spirit of innovation and resilience.

Retired four-star General David Petraeus, former CIA Director and current Chairman of KKR Global Institute, delves into the evolving global landscape. He discusses how the reversal of globalization and current geopolitical tensions are reshaping investment risks. Petraeus highlights the significance of drones in modern warfare and analyzes the Ukraine conflict's dynamics. He also shares insights on Israel's objectives in Gaza and warns about the strategic challenge posed by China. His thoughts on AI's role in driving productivity add a forward-looking perspective to the conversation.

Marc Rowan, CEO of Apollo, a leading figure in private markets, explores the booming world of private credit and its potential. He defines private credit’s vast $40 trillion landscape and discusses its rising popularity amid current market conditions. Rowan highlights the convergence of public and private markets and the importance of origination and valuation in distinguishing successful investment managers. Delving beyond finance, he shares insights into Apollo's culture and his personal passions, including mountain biking and restaurants.

Larry Fink, Chairman and CEO of BlackRock, shares his inspiring journey from Southern California to Wall Street, highlighting a $100M loss that shaped BlackRock's risk-first culture. He discusses the importance of optimism in America's messy landscape, which drives innovation. Fink touches on pressing concerns like U.S. deficits and the need for private capital, as well as the evolving landscape of crypto and AI. He emphasizes the enduring value of human connection amidst technological change, and his legacy aims to foster strong leadership at BlackRock.