Anthropic Enters the Wealth Stack | Schwab, Custody, and the Contest for the Data Layer

Read past the product framing and the Schwab–Anthropic tie-up is not an AI launch; it is a bid to occupy the data-and-distribution layer of the wealth stack. The model itself is incidental. What is being contested is proximity to the advisor’s book and to custodial data — the layer where value accrues once raw capability commoditizes. The party carry‐ ing the most strategic risk in the deal is not the one that built the model. It is the custodi‐ an that opened the door.

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