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Schwab keeps advisor AI read-only while Nevis pushes agents that open accounts and move money
At Schwab IMPACT, Nevis CEO Mark Swan said the firm wants AI agents that can open custody accounts and take action on Schwab's platform for RIAs, after Schwab invested in Nevis's $70 million Series B. Alison Dooher, head of AI for Schwab Advisor Services, said Schwab agents today are read-only, with account numbers masked and Social Security numbers not passed. Jon Beatty of Schwab Advisor Services said bidirectional access may come next year once security frameworks are ready. Nevis says assets on its platform grew from $50 billion to $700 billion in 2026 and that its agents have completed more than 100,000 operational tasks; a Schwab survey found only 7% of advisors use agentic AI.
The RIA custodian vs agent-builder split on write access is the near-term bottleneck for wealth AI that actually moves money, not just drafts notes.
Source
InvestmentNews · investmentnews.com · Found in the news · source checked Nov 3, 2026
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