US brokerages slide after Altruist launches AI tax planner
Shares of U.S. broker-advisory firms fall after fintech firm Altruist announces launch of new tax planning tool in its AI platform Hazel
Charles Schwab SCHW.N falls 6.1%, Stifel Financial SF.N slips 6.8%, Raymond James RJF.N down 7.7%, set for their biggest one-day drop since April
Interactive Brokers IBKR.O slips 1.7%, LPL Financial LPLA.O down 7.6%, Ameriprise Financial AMP.N declines 6.3%
U.S. big bank Morgan Stanley MS.N also sheds 2.9%
Altruist says Hazel automates tax planning in minutes, reducing advisors' reliance on traditional brokerage support
The tool creates personalized tax strategies by reading 1040s, paystubs, account statements, meeting notes, emails, and CRM and custodial data — Altruist
The move comes days after AI tools from Anthropic raised concerns over the dependence of software and services models, triggering a sharp sell-off in the sector
The S&P 500 investment banking and brokerage sub-index .SPLRCINVB down 2.1%; jumped over 38% in 2025
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