Estate and tax planning fintech Wealth.com is among the initial partners of Claude for Financial Advisors, which can now be activated by Wealth.com’s users across 2,500 RIAs and broker-dealers such as LPL, Cetera, and Osaic.
Data privacy protection is one of the reasons why Anthropic’s Enterprise plan is being encouraged for financial advisors, explained Wealth.com co-founder and chief product officer Danny Lohrfink in an interview with InvestmentNews. Organization-wide Enterprise plans are the largest tier for Claude usage, as opposed to the Free, Pro, Max, and Team subscription tiers also offered by Anthropic.
“Everything within our application is built with rigorous data privacy and security protocols in place,” said Lohrfink. “I know that Claude and the folks over at Anthropic are duly focused on that and are therefore encouraging advisors to operate through enterprise plans as opposed to on individual personal licenses, because enterprise plans come with that additional layer of data privacy and security.”
Anthropic changed its data retention policy earlier this month with its launch of Enterprise Frontier Safeguards, intended to give its enterprise members more control over how their data is reviewed, stored and managed, CNBC reported. Advisors on Wealth.com can ask Claude questions about a client's estate documents, assets, beneficiaries, and tax returns, such as how a Roth conversion would impact their taxes or the implications of charitable giving and donor-advised fund structures.
“They [advisors] would say, based off our prior meeting with the client, what are some key takeaways that we should consider around the client's tax or estate circumstances, please quantify. It's then going to tap into the client's most recent conversation,” Lohrfink said of Wealth.com’s Claude integration.
Anthropic’s website says its Enterprise plan costs include an annual seat fee of $20 per user per month with a required minimum of 20 seats, plus usage billed separately at API rates. This structure caters to larger organizations, while smaller advisory firms will likely have to pick between Anthropic’s non-enterprise tiers that carry higher per-user costs.
Tyrone Ross, CEO of his small RIA firm 401 Financial and crypto fintech Turnqey Labs, explained how his two businesses differ in their Claude plans.
“At 401, we have individual plans. At Turnqey, we have an enterprise plan, which is why we're able to do data research and dig in so much quicker. So in Turnqey, we're getting right in because we just have the logins,” said Ross. “That is going to be the sticking point because for smaller advisors, if you don't have an enterprise plan, I'm not sure how well this is going to work.”
Former LPL Financial senior vice president Aaron Steinberg wrote a LinkedIn post after leading RIA custodian Charles Schwab announced its Claude integration partnership with Anthropic. Steinberg, who is now CEO of ThrivAI, an AI consulting firm for RIAs, questioned how affordable Claude would be for smaller advisory firms.
“A 10-advisor RIA turns on Claude for Financial Advisors. At $70 to $120 per user per month — Anthropic's own ballpark — that's somewhere between $8,400 and $14,400 a year, before setup, before training, before anyone's time spent configuring nine-plus connectors and deciding what the compliance skill should actually be checking for. And that's stacked on top of the roughly seven tools the average advisor is already running, per Anthropic's own estimate,” Steinberg wrote on LinkedIn.
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