Schwab has made its recently announced partnership with Claude for Financial Advisors available through its central platform for registered investment advisors as of Wednesday, while offering a $4,800 credit for its enterprise version with the goal of giving smaller advisors access, according to executives at its annual Schwab Impact conference in Boston.
The new collaboration from artificial intelligence giant Anthropic gives RIAs that custody with Schwab the option to pay for a suite of AI connectors between the Schwab Advisor Center and their own tools to help automate research, meeting preparation and documentation tasks. RIAs can sign up for an enterprise license if they pay for a 20-seat minimum, or a smaller teams option, which requires RIAs to demonstrate they can meet certain security measures, said Alison Dooher, head of AI for Schwab Advisor Services.
To offset that cost for smaller RIAs, Dooher told reporters at the conference that advisors who sign up by Nov. 30 will get a $4,800 credit, which is equal to a 12-month 20-seat minimum.
“The intention of the credit is to really help smaller firms ensure that the cost to the 20 seats is kind of net neutral for them by way of credits on usage,” she said.
Various trade media outlets reported last week that, despite Schwab’s initial announcement that Claude’s offering would be available to all of its 17,000 advisors, there were cost restrictions for smaller RIAs, according to comments from Anthropic.
During a media briefing, Dooher said there is advisor interest in both the enterprise and teams plans, but the firms are recommending the enterprise license.
“We do mutually recommend with Anthropic that the enterprise, given the additional compliance and security features, is a really great and better option for advisors,” Dooher said.
Peter Nolan, Anthropic’s head of asset and wealth management, made limited comments at the briefing due to the firm’s recent filing of regulatory forms for an initial public offering.
“Now you can add an intelligence layer on top of core client data,” Nolan said of the product with Schwab. “The list of things that you can’t do is probably much shorter than the list of things that you can do.”
He was present at Impact a day after Anthropic announced several other integrations with financial firms, including Conquest, FINNY, Invesco, MSCI and Jump.
Dooher also noted, in response to a reporter’s question, that Schwab would remain open to various AI partnerships, signaling that the deal with Claude and other vendors would not be exclusive.
Along with Claude for Financial Advisors, Schwab announced that its advisor center would offer access to Wealth.com’s Ester, an artificial intelligence-powered tax and estate planning tool.
Jillian Altamura of Anthropic discusses the basis of Claude for Financial Advisors in front of a standing room-only crowd at the AI Lounge at Schwab Impact.
Wealth.com co-founder and Chief Growth Officer Tim White said the tool would help advisors address tax and estate conversations that clients are increasingly calling for as a service, including uploading documents, creating a visual mapping of beneficiaries, and asking questions.
A limited version of the service is available for free on the Schwab Advisor Center until February 2027, after which access will be broader and fee-based, according to a Schwab announcement.
Schwab is a minority investor in Wealth.com, taking an undisclosed stake in April 2025.
Schwab also noted that it made a minority investment and would provide advisors with access to Nevis, an artificial intelligence-powered back-office operating platform for wealth management.
Nevis uses AI agents to handle work such as meeting preparation, client servicing and onboarding, routing it through the firm’s tools, such as Schwab Advisor Center.
Nevis and Schwab said their focus right now is on client onboarding. Over time, the goal will be to reduce the number of manual tasks performed by advisors or operations staff, according to Nevis CEO Mark Swan.
Earlier this week, Nevis announced it had raised $70 million in a Series B funding round with investors including Schwab, bringing its total funding to $110 million.
