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Altruist's AI tool Hazel triggers 6%+ drop in major brokerage stocks amid fears of AI disrupting financial advisory roles.
U.S. brokerage and wealth-management stocks plunged Tuesday as investors reacted to fintech Altruist's launch of Hazel AI, a tool that automates personalized tax strategies by analyzing financial documents.
Firms including Charles Schwab, LPL Financial, and Raymond James saw shares drop 6% or more, reflecting growing fears that AI could disrupt traditional advisory roles.
The sell-off followed recent declines in software and insurance sectors tied to AI advancements, with analysts noting heightened anxiety over automation, fee compression, and market-share shifts, despite some rebounding in related tech stocks.
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La herramienta de IA de Altruist, Hazel, desencadena una caída de más del 6% en las principales acciones de corretaje en medio de temores de que la IA interrumpa los roles de asesoría financiera.