AI Tax Planning Tool Launched, Weighs on Financial Services: LPLA, SCHW, RJF, MS, IGV, IAI

An AI-driven tax planning tool launched by Altruist on its Hazel platform, which integrates client records and applies deep tax logic to generate personalized strategies in minutes, has intensified investor concerns. The tool is seen as a potential substitute for high-margin advisory services, pressuring financial services and wealth management stocks. On February 10, 2026, LPL Financial (LPLA-US) fell 9%, Charles Schwab (SCHW-US) and Raymond James Financial (RJF-US) declined over 7%, and Morgan Stanley (MS-US) dropped 2.44%. The reaction echoes earlier software sector sell-offs after AI-driven automation of legal and programming tasks, with the iShares Expanded Tech-Software ETF (IGV-US) down over 16% this year and ServiceNow (NOW-US) and LegalZoom (LZ-US) among the losers. The move also weighed on the iShares U.S. Broker-Dealers and Securities ETF (IAI-US), which fell about 4% on the same day, as investors heighten their担忧 over AI disruption in financial services.