At a glance
- At $20 per user per month and a 20-seat floor, a year of seats comes to exactly $4,800.
- Schwab's credit is aimed at small RIAs, which make up roughly two-thirds of its custody clients.
- Token consumption on the enterprise plan is billed separately at API rates, and the $20 seat fee, which matches Anthropic's Team plan when billed annually, comes without the tokens Team includes.
Schwab is offering $4,800 in credits to RIAs that newly sign up for Anthropic's Claude enterprise plan by Nov. 30, an amount that covers the plan's 20-seat minimum for 12 months. At $20 per user per month and a 20-seat floor, a year of seats comes to exactly $4,800.
Schwab's credit is aimed at small RIAs, which make up roughly two-thirds of its custody clients. About 11,000 of the nearly 17,000 RIAs that custody with Schwab manage less than $100 million in assets. Those firms typically have fewer than 20 advisors, so the required seat count runs above headcount. "The intention of the credit is to really help smaller firms ensure that the cost to the 20 seats becomes kind of net neutral for them," said Alison Dooher, head of AI for Schwab Advisor Services.
Token consumption on the enterprise plan is billed separately at API rates, and the $20 seat fee, which matches Anthropic's Team plan when billed annually, comes without the tokens Team includes. A 10-advisor firm that takes the credit ends up with seats for twice its headcount and still pays for every query its staff runs.
Schwab has asked advisors to use one of Anthropic's commercial plans because those are the ones that allow security settings to be configured, Dooher said at Schwab's IMPACT conference in Boston. Schwab has limited its Claude integration to read-only: the AI can view and analyze account and client information but cannot place trades or move money, and account numbers are masked while Social Security numbers are not passed, she said.
Anthropic's Claude for Financial Advisors tool added six connectors on Oct. 27, as Private Wealth Daily previously reported.
Small RIAs make up two-thirds of Schwab's custody base
RIAs custodying with Schwab by assets managed; of nearly 17,000 in total
| Part | Value | Share |
|---|---|---|
| 11K | 64.7% | |
| 6K | 35.3% |
The intention of the credit is to really help smaller firms ensure that the cost to the 20 seats becomes kind of net neutral for themAlison Dooher, head of AI for Schwab Advisor Services
Reported by the Practice management desk from InvestmentNews, Private Wealth Daily Deal Tracker and Private Wealth Daily archive. Published . Corrections