Wealth-management stocks declined following the announcement by Altruist, a financial-technology company, regarding an AI tool that purportedly generates personalized tax strategies by analyzing financial documents without the need for manual input.
Shares of Raymond James and LPL Financial each experienced a 9% decrease, while Charles Schwab’s shares fell by 7%.
This sell-off echoed last week’s significant drop in software and data-provider stocks after Anthropic revealed new AI tools designed to assist in automating analysis and research activities.