Schwab invests in Nevis, but lets AI agents only read data

Charles Schwab, a US broker, invested in the $70 million Series B funding of Nevis. Nevis makes AI agents that do office work for RIAs, the firms that give financial advice to clients. Nevis wants its agents to open accounts on the custody platform of Schwab. Schwab says it lets agents only read data at this time.

What each side says

Mark Swan, the chief executive of Nevis, says agents will move money between accounts. Swan expects this in 12 months. Alison Dooher of Schwab says Schwab starts with read only access and hides account numbers.

The numbers

Nevis says its agents did more than 100,000 tasks for advisors. About 17,000 RIAs hold assets with Schwab. A Schwab survey found that 7% of advisors use agents that make decisions alone.

What is not known

Jon Beatty of Schwab says access can possibly become bidirectional next year. That is, agents could also make changes. Schwab will do it only with sufficient experience and the right framework. Beatty gave no date.

Insight: Schwab chooses which agents it lets in

Schwab blocks external agents such as Muse from Meta. Its chief executive gets a report of 10 to 20 blocks each week. Schwab also invests in Nevis. This reads as a toll gate: Schwab decides which agents can make changes on its platform, and a partner it backs can be first. Agent makers must have a deal with the custodian.