Anthropic Launches Claude For Advisors With Schwab And BlackRock

An AI tool for financial advisors knocked Charles Schwab down 7.4% in a single day in February. Raymond James fell 8.8% and LPL Financial 8.3% the same day, after Altruist unveiled an AI tax-planning tool for advisors.

Investors were selling a simple fear. AI would do the work these firms are paid for, and their fees would shrink.

Seven months later, Anthropic has built its own AI tool for advisors, and Schwab is helping bring it to them.

Anthropic released Claude for Financial Advisors on September 14, a set of connections and ready-made tasks for advisory firms. It says the plugin is available today, and it recommends its Enterprise plan.

The plugin connects Claude to 11 platforms advisors already use, including Schwab, BlackRock, Vanguard, Envestnet and SS&C Black Diamond. Through them, Claude can work with client account data, model portfolios, financial plans and records of client meetings.

The Schwab connection, for example, covers client balances, positions and transactions. Before this launch, Claude could already connect to Microsoft 365, Salesforce, FactSet, S&P Global and Morningstar.

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The tasks cover meeting prep, follow-up notes, portfolio rebalancing reviews, estate and tax briefs, and compliance checks. Anthropic cites Kitces research showing that a typical advisory practice spends only a sixth of its time in client meetings.

Schwab made its own announcement the same day. The two companies said they will bring Claude to the more than 16,000 independent advisory firms that use Schwab to hold their clients’ assets.

Schwab says Claude is designed to work alongside the software those firms have already built their practices on.

Anthropic has not said how many firms have signed up. Firms that request licenses before the end of September get a one-time usage credit.

Why The Data Matters More Than The Model

Inside this product, Claude reaches client accounts through connections that Schwab, Vanguard and the other platforms provide.