NEW YORK (Reuters) -Investors have responded to the market turmoil throughout April by dialing down the level of risk they are taking and making some shifts in their asset allocation in favor of bonds and non-U.S. stocks, says Charles Schwab ( SCHW ) CEO Rick Wurster.

"Most investors are staying the course," Wurster said in a Reuters NEXT Newsmaker interview on Thursday morning.

Still, 61% of clients reported feeling bearish during April, according to a poll conducted that month, compared to only 32% in a similar poll during the first quarter of 2025, data from Schwab showed.

Trading volumes, which hit record levels early in April following U.S. President Donald Trump's tariffs announcement, tapered off as the month progressed, but client engagement levels remained high, Wurster said.

"We set an all-time record" for calls and online contacts with clients during the heightened volatility, he said.

Overall, Wurster said few clients made dramatic adjustments to their asset allocations in April but that those whose portfolios included non-U.S. stocks, bonds and some commodities noted they benefited from that diversification.