Anthropic Launches Claude for Financial Advisors, Integrating Tools from BlackRock and Others

Anthropic on Monday introduced Claude for Financial Advisors, a new tool that combines its Claude chatbot with investment analysis and wealth management software from BlackRock, Charles Schwab, Vanguard and other financial institutions.

The product is designed to help financial services firms prepare for client meetings, review portfolios and handle follow-up work after meetings. It can also connect with data and software from Envestnet, iCapital, Orion, Wealthbox, Wealth.com and Zocks.

The launch comes just days after rival OpenAI released a ChatGPT version for the financial industry, aimed mainly at investment bankers and equity researchers with tools for financial research, modeling and client materials.

Anthropic's financial services business lead Jonathan Pelosi said the advisor community is not large and is shrinking, while demand for quality financial guidance remains strong. He added that helping advisors serve more clients would be a positive development.

BlackRock's head of US wealth advisors and retirement, Jaime Magyera, noted that advisors increasingly want to outsource part of their work, and that opportunities lie not only in providing better information but also in improving advisors' ability to serve clients. BlackRock currently manages roughly $300 billion in model portfolios.

Anthropic said final investment advice and decisions will still be made by financial advisors and their clients, and users will not receive investment advice directly from Claude.