AI fears trigger selloff in finance stocks: why analysts say the threat is overstated

Core Viewpoint - The launch of an AI tool by Altruist that automates personalized tax strategies has caused a decline in shares of wealth management and brokerage firms, raising concerns about the potential impact of AI on traditional financial services [1] Group 1: Company Impact - Shares of wealth management and brokerage firms fell following the announcement of Altruist's new AI tool [1] - The introduction of AI capabilities by financial-technology companies is leading to fears of diminished relevance for traditional financial services [1] Group 2: Industry Concerns - The financial services industry is experiencing anxiety over the integration of AI technologies, particularly in areas like tax strategy automation [1] - The recent developments in AI by companies like Altruist are prompting investors to reassess the stability and future of traditional financial service models [1]