In February 2026, Los Angeles-based wealth management start-up Altruist launched an AI agent for tax planning. Built into its Hazel AI platform, the AI agent can summarise account statements, emails and meeting notes and then analyse them using deep tax logic to create personalised tax strategies in a matter of minutes.
News of the new AI tool spooked investors, who were likely concerned about what it would mean for traditional fee structures – the thinking being that it would take business away from advisers, impacting wealth managers’ ability to generate revenue. Shares in US-listed financial services firms, including Charles Schwab, Morgan Stanley, Raymond James and Stifel, all fell. UK-listed AJ Bell, Quilter, Rathbones Group and St James’s Place also sold off.
Altruist founder and chief executive Jason Wenk told Bloomberg that the market reaction was much bigger than he had expected. “I don’t think anyone could have possibly thought that somewhere between tens of billions and maybe a hundred billion of market cap would be wiped out in a week,” he said. “AI is very powerful and certainly the market reaction tells me that there’s a lot of people voting with their dollars.”
But was this merely a knee-jerk reaction or are high-net-worth individuals (HWNIs) really moving towards AI when it comes to making important financial decisions? And what does that mean for the future of the money markets?
The challenge of getting HNWIs to trust AI agents
So, what do HNWIs need to know about the potential of AI agents in wealth management? Richard Doherty, head of wealth and asset management at Publicis Sapient, works with some of the world’s leading private banks and wealth managers, helping them deploy AI across client-facing and operational functions.
In his view, “AI agents will transform how work gets done. They will excel at executing complex, data-heavy workflows, continuously monitoring conditions, and delivering personalised insights at scale. But AI agents are not a substitute for accountability and they are not designed for deterministic outcomes in ambiguous situations.”
Wealth management is built on fiduciary responsibility, which means wealth managers are accountable for every recommendation they make to their clients. While AI agents could be trained to provide unbiased advice and suggest investing strategies that align with client values, the majority of large language models (LLMs) are enclosed in a ‘black box’. In layman’s terms, this means that, while users know the inputs and outputs of an AI system, they don’t know the inner workings of an LLM and how it makes its decisions. The lack of transparency is partly why plenty of people are sceptical about an AI agent’s true ability to make real-world decisions.
Data from research firm Avaloq, published in February 2026, shows that 40 per cent of more than 400 wealth managers surveyed believe their clients would never trust AI to give investment advice, up from 24 per cent in 2024. The same percentage also wouldn’t trust AI to handle wealth and tax planning, up from 28 per cent two years ago. Nevertheless, 82 per cent of UK wealth managers believe AI can bring benefits to the industry, even if this is down from 87 per cent in 2024.
For wealth managers looking to deploy AI agents, the onus will be on them to soothe clients’ worries and convince them of the benefits AI agents can bring. “Trust from HNWIs will not be given automatically. It will need to be earned through transparency and security, as well as consistent outcomes,” says Doherty. “Clients will want to see that decisions [made by AI agents] are explainable, data is protected, and systems operate within clear guardrails. Where firms can demonstrate this and deliver better, faster, and more personalised service, then trust will follow.”
In the case of Altruist’s AI agent for tax planning, the tool is governed by zero data retention agreements. Under these, AI model providers are prohibited from retaining data from Altruist and its customers. The company has also made it clear that the data is not used to train AI models.
The human relationship remains vital
Even if wealth managers can win their clients’ trust, the emergence of AI agents is probably not going to eliminate the need for advisers – at least not for the foreseeable future.
Diana Robinson, head of investments and advice for UK, Ireland and the Channel Islands at J.P. Morgan Private Bank, explains that wealth and tax planning have always been about more than just analysing documents, producing investment and strategies. They require a human touch and familiar voice.
“Without question, what truly matters is inherently human,” says Robinson. “AI cannot build the meaningful relationships we spend years nurturing. Relationships are at the heart of everything we do, and this human element remains essential. No algorithm can replicate the trust that comes from genuine connection or provide the empathy clients need when navigating challenging market conditions.”
This is never more important than in times like our current moment, when economic uncertainty triggered by the Iran war is impacting financial markets across the globe. Wealth managers will need to help their clients take the best action possible for their portfolios to navigate any market disruption and to avoid making irrational decisions.
“This year’s market volatility has proven the value of these [human] capabilities, enabling us to deliver timely insights that address immediate market shifts while keeping clients aligned with their long-term goals,” Robinson adds.
Doherty agrees with the sentiment that human judgment is going to remain central to wealth and tax planning. If AI agents are deployed to handle the drudge work and technical aspects, then this will free advisers to focus on strengthening relationships with clients, managing their expectations, meeting their goals, and, most important of all, retaining their business.
“As AI agents take on execution, humans move up the value chain, overseeing outcomes and making decisions where context and experience matter most,” says Doherty. “The most effective wealth managers will not remove humans from the loop. They will redesign work so that humans and AI agents operate together, each playing to their strengths.”
Read more: How HNWs should be preparing for upcoming inheritance tax changes
