FTSE 100 Live: Blue-chips climb towards highs, but financials hit by new AI sell-off

Group 1 - Financial services companies are experiencing significant declines, with St James's Place down 11.25%, AJ Bell down 5.85%, and Quilter down 5.3% among the biggest fallers on the FTSE 350 [2] - The decline in wealth management firms is attributed to fears surrounding the impact of artificial intelligence on the financial advice and investment industry, potentially leading to reduced fees [3][5] - A new tax planning tool from Altruist is causing concern, as it can generate personalized tax strategies quickly, contributing to a sell-off in US wealth managers like LPL Financial and Charles Schwab, which fell 7-8% [6] Group 2 - Despite the declines in financials, the FTSE 100 index is showing gains, rising 22 points to 10,376, with BP being a notable riser due to positive analyst commentary [4][7] - Renishaw reported a 20.5% growth in constant currency sales in its second quarter, with adjusted operating profit increasing by 11.4% to £57.5 million, aligning with consensus forecasts [8]