Schwab CEO said his company would be a ‘premier destination’ for private markets, on July 21 — a day later, Andy Rachleff blogged why private investments are stacked against retail investors

Brooke’s Note: Wealthfront is a long-time private company that recently became a public one in an IPO but about 75% of it shares are still held privately. Because the shares are way underwater from the $14 IPO price and the company has very subdued growth, those still-private shares may be stuck in limbo for a long time. The salt in the wound for Wealthfront owners is that the company’s competitors experiencing the most explosive success right now, (Schwab, SoFi, Robinhood, Vanguard) are starting to drape themselves in glory as the future promised land of private investments. The day before Andy Rachleff published the July 22 blog post blasting private investments that sparked this article, Schwab CEO Rick Wurster on July 21 told Wall Street his firm is poised to be a “premier destination” for private investments – a little outrageous on its face for a firm in the starting blocks. It seems like Mr. Rachleff, also a Stanford professor, felt that way, too, and it unlocked his eloquent, if tainted, discourse on this topic.