|
Feb 10
|
|
—
|
SHORT
|
Deirdre Bosa
Anchor/Reporter, CNBC Tech Check
|
A startup called Altruist launched an AI-powered tax planning tool that does in minutes what advisors charge thousands for. The speaker notes, "That is all the market needs right now to reprice an entire sector," specifically citing Schwab selling off. The market views AI as a deflationary force for professional services. If AI commoditizes high-margin advisory and tax planning tasks, the "moat" of traditional brokerages and wealth managers erodes, leading to margin compression and customer churn. Negative sentiment is currently dominating this sector; any new AI fintech announcement acts as a catalyst for selling incumbents. The startup (Altruist) fails to gain adoption, or incumbents like Schwab successfully integrate similar AI tools to defend their turf. |
CNBC
U.S. vs. China AI spending gap widens
|