Walt Bettinger, the chief executive of Charles Schwab Corp., said it is adding financial advisers from major Wall Street brokerages "at rates never seen before."

The San Francisco company has noticed a "steady, consistent movement" of brokers to the firm, Bettinger told investors Thursday.

Schwab would not classify the movement as a bubble, he said.

Many advisers have left major firms to go independent in an effort to recover lost wealth from plunging company stock prices.

Bettinger also said Schwab expects to be a "bigger player" in exchanged-traded funds in the future.

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