LPL Financial has expanded what it said was an ongoing relationship with artificial intelligence firm Anthropic, the creator of Claude, to work on AI integrations for its more than 30,000 financial advisors.
LPL announced the expanded relationship on the same day Anthropic leadership reported it had expanded Claude AI “plug-ins” for wealth managers, investment bankers, equity research and private equity firms.
“These plugins give RIAs, broker/dealers, custodian, TAMPs and other platforms a foundation to build their own private plugins customized to their advisors, powered by their data, controlled by their compliance teams,” Peter Nolan, head of asset and wealth management at Anthropic, wrote in a LinkedIn post. “They own what they build. We’re providing the building blocks, while the experts build on top.”
Nolan and other Anthropic executives pointed to the expanded work with LPL as an early example of the effort. LPL issued its own statement, noting that it has been “intentionally building advisor-centric AI for years,” and that the expanded Anthropic work gives it a partner to “deliver on our roadmap of industry-leading capabilities for financial advisors and institutions.”
Wealth technology provider Orion also announced Tuesday that it had expanded its relationship with Anthropic regarding its wealth management push. The Omaha, Neb.-based firm said it had been working with Anthropic’s platform as part of its AI strategy, and would now be incorporating the new plug-ins.
“We’re excited by today’s announcement and look forward to working with these new plug-in capabilities as well as other enhancements as they become available,” Reed Colley, president of Orion Advisor Technology, said in a statement.
The news comes a few weeks after financial services firm stocks were roiled by investor fears that AI would undercut their value propositions. The stir was pinned to news that tech-focused custodian Altruist had rolled out its first AI agent dedicated to tax planning.
LPL, Charles Schwab, Stifel and Raymond James all saw stocks plummet between 7%-8% on February 10. Some firm leaders, such as Morgan Stanley’s Jedd Finn, argued that AI tools would only support the “advisor-client” relationship in the long run, not supplant it.
LPL did not respond to a request for comment at the time of the stock dip. Its research team published a podcast on February 17 addressing “AI Whack-a-Mole” in the markets.
An LPL spokesperson declined to give specific examples of how it was working with Anthropic, noting that more details would be coming.
“We know that our advisors’ clients want a person they trust, someone who understands their goals, fears and values,” the San Diego-based firm wrote in a statement. “With partners like Anthropic, we’re shaping the next generation of AI that helps inform decisions, all while our advisors guide their clients in making them.”
Nolan of Anthropic wrote in his post that the firms will work together to “build AI-powered tools that will improve the experience for their 30,000+ financial advisors.”
Anthropic, based in San Francisco, did not immediately respond to a request about whether it was working with other financial services firms.
Anthropic’s effort is part of a larger company strategy to have its AI Claude platform used by businesses. Competitor OpenAI has made a similar push to be used by enterprises.
LPL already has several relationships with AI-driven vendors for its advisors’ use. These include AI notetaker Jump, Microsoft 365’s Copilot, AI researcher FactSet, Adobe AI assistant, Box AI and social media assistant FMG Mobile.