Schwab survey: RIAs add AI and private markets, keep fiduciary focus

About 49% of advisors custodying with Schwab are investing in AI tools, and 37% already offer private market investments. Sixty-four percent call being a fiduciary one of the best parts of running an RIA, according to Schwab Advisor Services' independent advisor outlook study. InvestmentNews first reported the findings on Oct. 29.

All respondents custody with Schwab, so the figures describe Schwab's RIA base rather than the industry. Only 7% use agentic AI, but 81% expect AI to handle at least part of their research and analysis within three years. The biggest expected payoff is less administrative time, cited by 67% of respondents, ahead of scalability at 38% and better client communications at 34%.

The survey gives RIA principals a peer benchmark for three decisions: which growth metrics to track, whether to add private markets, and where to put AI budget. AUM is the primary growth gauge for 75% of firms, while 70% expect referrals to drive growth over the next three years.

Schwab is also subsidizing some AI spend. Schwab offers a $4,800 credit for Claude enterprise seats, as Private Wealth Daily previously reported. The credit runs through Nov. 30 and covers a 20-seat year at $20 a seat, with token usage billed separately.

Advisors tie the fiduciary duty to specific benefits: 90% said it helps keep clients' best interests in mind, and 86% said it keeps them from forcing unwanted products on clients. Another 79% said it helps establish trust. The next most popular response, access to solutions that best serve clients, drew 37%.

Product shelves are widening: half of firms offer pledged asset lines, and 45% offer alternative investments, most often real estate and private equity. Thirty-seven percent provide private market investments today and 13% plan to within three years.

Capital Group's Brock Sutton put the share of advisors using AI weekly at 83%, though that measures weekly use rather than Schwab's agentic-adoption question.