Why Altruist’s New AI Tax Tool Spooked Investors in Schwab, LPL, Raymond James

Want to scare the big brokerages next Halloween? Dress up as AI. On Tuesday, the digital-first custodian Altruist launched a new artificial intelligence-powered tool on its Hazel platform designed to create tax strategies for clients based entirely on their documents. The launch caused the stock prices of several major wealth management firms to take a tumble, including LPL Financial, Raymond James and Charles Schwab. Experts said the selloff appeared to be an overreaction, but that whether any AI tool be ...