Wealth managers’ share prices have fallen after an artificial intelligence (AI) tax planning tool launched by Altruist Corp came to market, rattling investors.
US-based wealth platform Altruist yesterday (10 February) unveiled tax planning AI platform Hazel, initially sparking a US broker and wealth management sell off later felt in the UK. The Altruist AI tool is said to enable financial advisers to create personalised tax strategies for clients by reading and interpreting their pay slips, account statements, meeting notes, emails, and custodial and customer relationship management data, and applying "tax logic" to the analysis. "Tax planning is one of the most powerful ways advisers can improve outcomes, but it's also slow and mentally dr...
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