This afternoon Chuck Schwab updated investors on the state of his eponymous business and his plans for the future.

Schwab, Chairman and CEO, and Walt Bettinger, president and COO, took time to discuss the state of the business with investors.

Schwab began by telling the crowd, "I feel as good as any CEO could possibly feel this year."

Schwab's good feelings appear to extend to his firm's mutual fund business. Bettinger insisted that, while other financial services firms are divesting from their mutual fund businesses, Schwab is reinvesting in them, pointing to strong demand.

"Our clients want to invest in a Schwab-branded fund or a Schwab select lineup of funds," Bettinger told investors. "That's where their trust lies."

Of the recent sale of U.S. Trust, Schwab said, "We have completed a number of incredible things this year, the sale of U.S. Trust among them. The U.S. Trust business was not a good fit for where Schwab will be going in the next 15 to 20 years."

Walt Bettinger addressed the need to reach out to a younger client base, saying, "We need to refresh our client base with the younger population. This means we need solutions that will be attractive to younger investors, like no account services fees, lower minimums, and products that aggressively target younger investors."

Schwab also took a minute to talk about a question that is always on people's minds when it comes to Schwab; acquisitions.

"Valuation is a conundrum and what would you buy to fill in something we don't have. I was looking last night at our asset base and saw it had gone up by $265 billion in the last 12 months; this number is close to the price of some choices out there, but we don't want to be frivolous about spending capital. The company will continue to grow on its own. We can get there with or without a transaction," Schwab says. 

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