The stock market has climbed roughly 20 percent year-to-date, so who's driving the rally?
Not retail investors at Charles Schwab, according to CEO Walter Bettinger. In an interview with "Closing Bell" at the Schwab IMPACT 2013 investor conference, Bettinger said his clients are not pouring into the equity market.
(Read more: The one thing that worries Schwab investing pro)
"Our clients are engaged, but they're very cautious about the markets overall," Bettinger said, adding only about half of his clients think now is a good time to be make additional investments in equities.
"They are not trading, but they are planning. They are putting together strategies," he said. "They are executing in the long term as opposed to try and time markets and move in and out."