Altruist Launches Hazel AI Tax Tool, Rattling Wall Street

Founded in 2018, Altruist operates a self-clearing brokerage and custody platform for independent registered investment advisers, combining account opening, trading, reporting and billing. Its pitch of integrated technology and lower fees targets a market dominated by Charles Schwab and other established custodians. Altruist launched Hazel in September 2025 after acquiring Thyme; the standalone AI platform costs $60 per seat monthly or $600 annually and has been used by more than 1,000 wealth managers.

On Feb. 10, 2026, Altruist added AI-powered tax planning to Hazel, saying the tool can read 1040 returns, paystubs, account statements, emails and CRM data and produce personalized scenarios and client reports within minutes. The announcement sparked a selloff in U.S. brokerage stocks as investors reassessed the threat from AI-led automation: LPL Financial and Raymond James each fell more than 8%, Charles Schwab slid more than 7%, and Ameriprise Financial dropped 6.2%.