Schwab Advisor Services is expanding its artificial intelligence capabilities in Schwab Advisor Center. It said it is the first RIA custodian to integrate Claude, an AI model from Anthropic tailored for financial advisors. The integration is intended to turn wealth management complexities into clearer actions and more relevant insights for independent firms.
Schwab also made Ester®, a tax and estate planning tool from Wealth.com, available in Advisor Center. It announced a strategic partnership with Nevis, an AI-powered operating platform for RIAs. The additions build on nearly 15 years of investment in APIs and third-party integrations, with the goal of giving advisors a more efficient and powerful toolkit.
Separately, Evercore ISI lowered its price target for Schwab to $98 from $104, citing concerns about funding costs and a more measured view of balance sheet growth.