Altruist CEO on Why AI Tools Are Rattling Markets

• AI is an 'incredible equalizer' for wealth management, making services more affordable and accessible by empowering advisors, not displacing them.
• Altruist's Hazel AI Tax Planning tool processes client tax data (1040s, paystubs, CRM) to generate personalized tax strategies and uncover savings opportunities in minutes.
• The significant market concern stems from the combination of AI with modern, efficient infrastructure, which could lead to a monumental shift in where advisors choose to custody assets.

Altruist CEO Jason Wenk discusses the market's reaction to AI in wealth management, emphasizing that AI empowers financial advisors rather than displacing them. He highlights Altruist's new AI-powered tax planning tool, Hazel, which streamlines tax strategy creation. Wenk argues that AI's true disruptive potential lies in its combination with modern, vertically integrated infrastructure, posing a challenge for legacy firms.