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So Money with Farnoosh Torabi

71: David Pottruck, Former CEO of Charles Schwab Talks Setbacks and Success

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.71.9K Ratings

🗓️ 23 March 2015

⏱️ 41 minutes

🧾️ Download transcript

Summary

Today’s episode is another great reminder that no matter how painful a life blow or a career setback, you can still recover… and not just survive but flourish and lead a richer, happier life. Today’s guest was let go as the CEO of a major financial services company after having invested in it his whole life. In his own words, “I was embarrassed. I was humiliated and I was devastated.” But as they say “when one door closes, another door opens.” As a result of simply having more time on his hands, he got to experience something he fell in love with, something so refreshing and captivating that he now says he would have loved to do it much earlier in life… His name is David Pottruck. He is the author of the bestseller, Stacking the Deck, How to Lead Breakthrough Change Against Any Odds and the former CEO of Charles Schwab, a company he says he “grew from $5 billion… to a trillion dollars”. Almost a decade later, David is now the Chairman of HighTower Advisors, a $25 billion wealth management firm that he helped launch in 2008. He also serves on the Board of Directors of Intel Corporation and a number of start-ups, and teaches at The Wharton School of Business. Three takeaways from our interview: -- Why it is so hard to lead breakthrough change in corporate America -- How and why David’s financial philosophy changed over the years -- His practical financial habits, all which he’s kept to this day… even though he doesn’t really have to. For more visit SoMoneyPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

So Money episode 71, David Hotter.

0:03.2

You're listening to So Money, with award-winning Money Guru

0:07.1

Farnu Tharabi.

0:08.3

Each day, get a 30 minute dose of financial inspiration from the world's top business minds, authors, influencers, and from

0:15.8

Farnuosh yourself.

0:18.3

Looking for ways to save on gas or double your double coupons?

0:21.6

Sorry, you're in the wrong place.

0:23.7

Seeking profound ways to live a richer, happier life.

0:27.0

Welcome to So Money.

0:29.0

Welcome back to So Money everyone. I'm your host,

0:34.7

Farnoosh Terabi. Whether you're on your commute to work,

0:38.3

coming home from work at the pool, at the park,

0:41.7

thank you for joining me. This has been a tremendous ride since January.

0:45.3

We have surpassed over 150,000 downloads all thanks to you and your support and

0:51.1

today's guest is quite the mogul. We've got someone today

0:56.3

who is a great reminder that no matter how painful a life blow or a career

1:00.7

setback is you can still recover. And not just survive, but flourish and lead a

1:06.2

richer, happier life. Today's guest is David Potruck. He was let go as the CEO of a major financial services company, Charles Schwab,

1:16.3

after having invested in it his whole life. In his own words, I was embarrassed. I was

1:21.4

humiliated and I was devastated

1:23.0

devastated but as they say when one door shuts another door opens and as a result of simply having

1:29.0

more time on his hands to think and reflect and contribute, he got to experience something he

...

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