For now, AI is making financial advisors more productive. What comes next could be more disruptive.
- 3 hours ago
- 1 min read
“I think most advisors aren’t yet benefiting from AI in a big way, but we are on the cusp of that changing,” says Charles Schwab CEO Rick Wurster, whose company is the largest custodian for registered investment advisors. Wurster tells Barron’s that basic advisor tasks will likely be replaced by AI, boosting advisors’ productivity.
Meantime, investors in the financial sector are concerned AI advice could one day replace human advisors, exposing wealth management stocks to potential disruption.
Last month, shares of Raymond James Financial, LPL Financial, Charles Schwab, and other wealth managers plunged after fintech provider Altruist introduced a new tax planning tool for its AI platform, called Hazel.
Read the full story | BARRON’S
