Schwab bars Anthropic from using advisor data for Claude model training
Schwab announced a partnership to embed Anthropic’s Claude assistant across its custodian network, which serves more than 16,000 registered investment advisors. The agreement includes a clause that forbids Anthropic from retaining any conversation input or output for future model training. Schwab’s head of AI for Advisor Services, Alison Dooher, said the firm specifically required that no data…
Key points
- Schwab’s Claude integration covers over 16,000 RIAs and bans Anthropic from retaining any conversation data for model training.
- Account numbers are masked and SSNs or dates of birth are not shared with Anthropic under the agreement.
- The no‑training provision, standard for Anthropic’s enterprise plan, is extended to all Claude licenses used by Schwab advisors.
Anthropic’s enterprise‑level Claude plan already defaults to a no‑training policy, and the Schwab deal extends that restriction to all Claude subscriptions used by Schwab advisors, even those on lower‑tier licenses. The integration is read‑only, meaning advisors cannot edit data returned by the chatbot. Dooher described the rollout as a “walk before run” approach, with future possibilities for more automated workflows once governance standards are met. Other firms joining the Claude plugin ecosystem include Vanguard, BlackRock, Addepar, Envestnet, iCapital, Orion, Wealthbox, Wealth.com and Zocks.
The story so far
4 episodes →- Schwab bars Anthropic from using advisor data for Claude model trainingthis story
Anthropic barred from model training in Schwab’s Claude deal
investmentnews.com · 21 September 2026
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Coverage and discussion
2sources- Claude has entered the chat. Will tens of thousands of RIAs reply?Press · financial-planning.com ·
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