According to multiple real‑time financial reports, Schwab’s stock is falling 6–9% because of a new AI product launched by Altruist, a financial‑software platform.
Altruist launched an AI‑powered tax‑planning tool
This tool can:
- read and interpret client tax documents
- generate personalized tax strategies
- automate advisor workflows
This spooked investors who fear AI could disrupt traditional wealth‑management firms like Schwab.
It’s not just Schwab:
- Raymond James: –8.5%
- LPL Financial: –8.4%
- Stifel Financial: –7.2%