Lates News

After the financial software company Altruist introduced an artificial intelligence tool for tax planning, stock prices in the tax planning and wealth management sector plunged significantly on Tuesday, as the market worried that traditional institutional business models could face disruption. Jiaxin Wealth Management's stock price fell by 8.1% at one point, and other wealth management companies were also under pressure, with Raymond James Financial dropping by 8.5%, LPL Financial Holdings by 8.4%, and Stifel Financial Corp. by 7.2%. The new tool released by Altruist on Tuesday can help financial advisors tailor strategies for clients and generate documents such as pay stubs and account statements. Analysts believe that this round of selling appears to stem from broader concerns in the market about the potential disruption of financial advisors and wealth management models by artificial intelligence. Investors are likely focusing on issues such as the weakening of competitive advantages in efficiency, long-term fee compression, and potential shifts in market share.