The AI threat wrecked software stocks. Now financial stocks look next with LPL down 11%

Shares of financial services firms tumbled following the launch on Tuesday of a new AI-powered tax planning tool that promises to get the job done “in minutes.”

LPL Financial While it lost value by approximately 11%, Charles Schwab And Raymond James Finance Both fell more than 9 percent on fears that artificial intelligence would disrupt their industries. Morgan Stanley It fell 4%.

Technology platform Altruist announced the offer Hazel said its AI platform “helps advisors create fully personalized tax strategies for clients by reading and interpreting 1040s, pay stubs, statements, meeting notes, emails, retention and CRM data, and applying deep tax logic to the analysis.”