Charles Schwab Partners With Anthropic to Bring Claude to RIAs

Charles Schwab has partnered with Anthropic to integrate the new Claude for Financial Advisors tool across its custody platform, making Schwab Advisor Services the first RIA custodian to offer the specialized AI system to more than 16,000 independent registered investment advisors, according to a press release from Charles Schwab.

The rollout pairs language models with wealth management workflows, giving advisors a custodial channel for Anthropic's new advisory technology.

"Independent advisors have always succeeded on the strength of their relationships, and relationships are built on advice, service and client experiences that stand apart," said Jon Beatty, head of Schwab Advisor Services, in a statement regarding the partnership.

Connecting Workflows Through Model Context Protocol

The integration links directly into existing software stacks used by independent practices, connecting core systems through Model Context Protocol (MCP) connectors and specialized workflow skills.

According to the Schwab announcement, the platform bridges multiple operational domains, including:

• Customer relationship management (CRM) systems
• Custody and brokerage account platforms
• Portfolio reporting and performance tracking
• Financial planning and estate planning software
• Meeting preparation and documentation notes

"Our goal is to bring the benefits of AI to as many families as possible, and a direct path runs through the advisors they already trust," said Peter Nolan, head of asset and wealth management at Anthropic.

What Model Context Protocol Means for Advisors

Model Context Protocol functions as an open standard created to connect AI assistants securely to data sources and software tools. Within wealth management, this mechanism allows Claude to interact directly with disparate databases without requiring custom application programming interface (API) builds for every individual software vendor.

By unifying data streams from portfolio reporting and CRM tools, the system aims to automate administrative tasks such as meeting summaries and portfolio reviews.

"For RIAs, technology has always been about delivering exceptional service and creating more opportunities to connect on a human level. AI pushes that thinking forward. It takes on more of the work that pulls advisors away from their clients, so they can spend their time where it counts," said Alison Dooher, head of AI for Schwab Advisor Services.

RIA Custody Technology

As wealth management firms compete to attract and retain independent advisors, custodial technology offerings have shifted from basic trade execution toward practice management ecosystems. By securing initial custodian status for Anthropic's financial tool, Schwab places generative AI directly into the hands of its network, which serves a substantial share of the independent RIA market.