US brokerages slide after Altruist launches AI tax planner

Ameriprise Financial

10/02/2026 17:47

** 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

 (Reporting by Utkarsh Tushar Hathi)

 ((utkarshtushar.hathi@thomsonreuters.com))