Wealth managers sink after Altruist launces AI tax planner

Shares of wealth manager stocks sold off Tuesday after Altruist launched a new tax planning offering called Hazel, an AI platform. “The new capability helps advisors create fully personalized tax strategies for clients by reading and interpreting their 1040s, paystubs, account statements, meeting notes, emails, and custodial and CRM data, and applying deep tax logic to the analysis. All of this is done within minutes,” Altruist, a wealth platform for independent advisors, said in a statement. Shares of Raymond James (RJF) closed down 9% to $158.48 while Charles Schwab (SCHW) dropped 7% to $99.25 and LPL Financial (LPLA) 8% to $360.58.