Shares in wealth management firms and financial comparison sites have tumbled over the latest concerns about new AI tools.
Editorial
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The sharp drop in share prices after the launch by the AI company Altruist Corp of a service that helps advisers create personalised tax strategies by reading clients’ pay stubs, account statements and other documents.
The UK wealth manager St James’s Place fell almost 10% in early trading, with rival Quilter down 5.2% and AJ Bell losing 5.7%, as investors anticipated that agentic tools that can sort tax affairs, or provide advice, could eat into their revenues.
Shares in two of the UK’s largest price comparison sites continued to slide on Wednesday, adding to losses in the previous session, following the launch by Insurify of a new service allowing users to compare car insurance quotes directly using OpenAI’s ChatGPT.
The owner of Moneysupermarket, Mony Group, fell 2% in early trading on Wednesday, after closing 12% down on Tuesday. The Go.Compare owner, Future, was trading 2.7% lower on Wednesday morning, after the previous day’s 3.6% fall.
The latest share price slump follows declines in legal and data publishing firms after the US artificial intelligence startup Anthropic unveiled a tool to automate legal work such as contract reviewing, non-disclosure agreement triage, compliance workflows, legal briefings and templated responses.
