Altruist Launches AI Tax Tool, Stocks Plunge

On Feb. 10, 2026, Altruist launched an AI-powered tax planning tool in its Hazel platform that automates personalized tax strategies by analyzing 1040s, paystubs, account statements, meeting notes, emails, and CRM data. Markets reacted sharply: LPL Financial fell nearly 11%, Charles Schwab and Raymond James dropped over 9%, and Morgan Stanley declined about 4%. The move heightened fears of AI-driven disruption to financial-advisory services.