On February 10, 2026, traders work on the New York Stock Exchange.
NYSE
Shares of financial services companies plunged on Tuesday after the launch of a new tax planning tool powered by artificial intelligence that promises to get the job done “within minutes.”
LPL Finance closed 8.31% lower after falling 11% in midday trading Charles Schwab fell by 7.42% and Raymond James Finance lost 8.75% on fears that AI will be next to revolutionize their industry. Morgan Stanley fell by 2.4%.
Technology platform Altruist announced the offering within its AI platform Hazel, saying it “helps advisors create fully personalized tax strategies for clients by reading and interpreting their 1040s, pay stubs, bank statements, meeting notes, emails, and custodial and CRM data and applying deep tax logic to the analysis.”
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LPL Financial, 5 days
