After Selloff, Wall Street Execs Double Down on AI

AI-n’t no thang, but a chicken wing. It’s easy for financial planners or wealthtech entrepreneurs to say: “AI is not going to replace human advisors.” However, that was before last week, when the digital-first custodian Altruist launched an AI-powered tool on its Hazel platform. The program’s debut spooked investors, and wealth management stocks took a tumble. Charles Schwab’s stock sank almost 11%, and Morgan Stanley fell nearly 5% last week. Meanwhile, LPL and Ameriprise saw their stocks drop 13% each. ...