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Est. 2026The front page of wealth managementNew York

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RB Schwab trumpeted Anthropic's Claude for all 16,000 of its RIAs, but a 20-seat enterprise minimum suddenly sidelines 11,000-plus small firms -- right before IMPACT 2026FP Do smaller RIAs really need to own their data?RB Bank of America analyst 'double' slams Ameriprise not least because RIA 'structural' advantage triggered proactive in-house retention bonuses that take a bite out of margins and may not retain big teams long-termIN Trump to ease 50% Canada tariffs on farm equipment, packaging goodsWM The New Rules of Record Keeper SelectionWM SEC Examiners' 2027 Focus Includes Firms' Protections Against AI Phishing, DeepfakesIN People moves: RBC taps Raymond James veteran for Texas complexWM Lido CEO Signals Openness to International Expansion4K SEC Targets Private Markets, AI and Fiduciary Risks Among 2027 Exam PrioritiesIN RIA M&A runs up to 5x reported totals, Steward Partners CEO says

Friday, October 23, 2026

The Morning Edition

MARKETS IN 5
AI spending worries drive tech sell-off as yields fall
STOCKS
Tech selloff pulls Nasdaq down 2.6% on AI spending worries
RATES
Ten-year Treasury yield falls 17 basis points to 4.96%
ECONOMY
Weekly jobless claims fall to three-month low of 194,000
THE FED
Markets pare bets on another 2026 Fed rate hike
EARNINGS
Sallie Mae cuts full-year EPS outlook on higher charge-offs
Miles Ashford, Markets Correspondent · Read it in five minutes
FROM THE NEWSROOM
Claude for Financial Advisors comes with a 20-seat Enterprise floor
Citywire RIA reports that Anthropic's Claude for Financial Advisors requires a 20-seat minimum on its Enterprise plan, a floor that applies even when a firm wants fewer seats.
Vivian Cole, Deals Correspondent
Kintra Wealth adds Great Scott Financial with about $355 million in client assets
InvestmentNews reported that Kintra Wealth has added Great Scott Financial Services, a team the firm says brings about $355 million in client assets, with its lead advisor staying on to run it.
Vivian Cole, Deals Correspondent
Private equity tops public pension returns over 10 years
An American Investment Council report puts private equity's 10-year median annualized return for public pension funds at 13.2%, ahead of public equities, real estate and fixed income, InvestmentNews reported.
Vivian Cole, Deals Correspondent
THE WIRE
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WINTHROP & CO.
FORGIVABLE LOANS
Negotiating a forgivable loan: the terms that actually move
Forgiveness cadence, carve-outs, production thresholds and jurisdiction, in the order to ask for them.
READ THE ANALYSIS
HEAT INDEX · 24 HOURS
1. Merrill 2 stories
2. UBS 2 stories
3. RBC 2 stories
4. Fidelity 2 stories
5. Schwab 2 stories

Past editions

  1. Claude for Financial Advisors comes with a 20-seat Enterprise floor
  2. Fired as a financial advisor: what your Form U5 will say, and the clocks that start the day you leave
  3. Elevation Point takes minority stake in ex-UBS Truing Capital team
  4. XYPN launches search for successor to president Vince Hockett
  5. Janney won last week in advisor recruiting
  6. Advisor moves, week of Oct 5–11, 2026: 16 moves, $1.1B Praxis team to LPL
  7. T. Rowe Price adds more than 50 client-facing roles in advisor push
  8. &Partners recruits two UBS regional leaders to head its wealth businesses