Charles Schwab has introduced its first generative artificial intelligence capability for its retail clients.
The AI capability is designed to combine portfolio performance, relevant market news and curated Schwab Center for Financial Research commentary in one view to provide context on factors that may be affecting a client's portfolio, the company said Tuesday.
Schwab research shows growing client interest in using AI in the investing process, particularly when paired with human expertise and support, the company said. Over 60% of survey respondents said they're interested in using AI and almost 70% believe that it can either support routine tasks or take a meaningful role in investing in conjunction with human expertise.
The new AI portfolio insights capability integrates Schwab data, research and third-party market news into customized summaries for every client portfolio. It's intended to provide information, not investment advice.
"Our clients have made it clear that they want the efficiency of AI combined with guidance from our professionals," said Jonathan Craig, Schwab retail investing head. "As we roll out AI‑powered tools, our focus is on being intentional about how technology and human expertise come together so we can continue to meet clients' needs and expectations."
Clients can access the tailored portfolio insights within their existing Schwab.com and Schwab Mobile App account summary pages.
The feature started rolling out Tuesday, with access expected to expanding to all self-directed, U.S. retail clients by the end of May. It includes AI-based performance summaries for up to five holdings that saw the most movement since the previous day, S&P 500-related market and industry news summaries that may affect the portfolio, and insights from Schwab experts relevant to a client's holdings.
Schwab may expand portfolio insights capabilities to encompass concentration risk, asset allocation and technical indicators.
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