Wealth Manager Stocks Drop After Altruist Launches New Product
Shares of wealth manager stocks sold off Tuesday after Altruist launched a new tax planning offering called Hazel, an AI platform. "The new capability helps advisors create fully personalized tax strategies for clients by reading and interpreting their 1040s, paystubs, account statements, meeting notes, emails, and custodial and CRM data, and applying deep tax logic to the analysis. All of this is done within minutes," Altruist, a wealth platform for independent advisors, said in a statement. Shares of Raymond James (RJF) closed down 9% to $158.48 while Charles Schwab (SCHW) dropped 7% to $99.25 and LPL Financial (LPLA) 8% to $360.58.
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- Acquisition Announcement: First Northern Advisors, a division of First Northern Bank, has announced the acquisition of independent financial advisory firm Beacon Wealth Strategies, which will enhance its wealth management platform and increase assets under management, ensuring personalized wealth management services for clients.
- Founder Involvement: Tom Cicchini, the founder of Beacon Wealth Strategies, will join First Northern Advisors during the transition period until his planned retirement on June 30, 2026, ensuring continuity of client relationships and service, thereby reinforcing client trust.
- Client Account Management: Post-acquisition, clients of Beacon Wealth Strategies will continue to have their accounts managed through Raymond James, which not only ensures service stability but also provides clients with access to comprehensive investment resources, enhancing their investment experience.
- Strategic Commitment: This acquisition underscores First Northern Bank's ongoing commitment to expanding its wealth management services while maintaining a high level of personal service and long-standing client relationships, further solidifying its competitive position in the market.
Recruitment Announcement: Raymond James Financial has successfully recruited a financial advisor team from LPL Financial.
Assets Under Management: The recruited team managed approximately $682 million in client assets.
Previous Affiliation: This team was previously affiliated with Commonwealth Financial Network, which was acquired by LPL last year.
Industry Trends: The recruitment reflects a trend of financial advisors moving between firms, particularly from Commonwealth to LPL and now to Raymond James.
Market Reaction: Financial advisor Douglas Boneparth noted a significant selloff in wealth management stocks due to concerns over tax planning updates related to Altruist's AI tool.
AI Transformation: Boneparth highlighted that the wealth management industry is undergoing a transformation as AI technology, particularly through Altruist’s Hazel platform, begins to take hold.
- Industry Recognition: Lisa Detanna has been ranked as the #1 Women Wealth Advisor in California by Forbes 2026, reflecting her exceptional leadership and deep client impact in serving high-net-worth individuals, thereby solidifying her reputation in the wealth management sector.
- Client Impact: The ranking is based on metrics such as client retention, industry experience, and assets under management, showcasing Detanna's ability to simplify the complexities of wealth management for families, which enhances client trust and loyalty.
- Team Leadership: With over 30 years of industry experience, Detanna leads a team that provides comprehensive family office support, including wealth strategy, investment management, and cross-generational guidance, ensuring long-term success in wealth transfer for clients.
- Enhanced Company Reputation: The recognition of Detanna by Raymond James not only elevates the firm's brand image but also attracts more high-net-worth clients, further driving business growth and market competitiveness.

- Industry Recognition: Lisa Detanna has been ranked #1 on Forbes' 2026 list of Top Women Wealth Advisors in California, reflecting her exceptional leadership and client impact in wealth management, which further solidifies Raymond James' market position in serving high-net-worth clients.
- Extensive Experience: With over 30 years in the industry, Detanna leads a team that provides comprehensive family office support, including wealth strategy, investment management, and cross-generational guidance, ensuring clients navigate complex wealth management with clarity and purpose.
- Selection Criteria: Forbes' ranking is based on multiple metrics, including client retention data, industry experience, and assets under management, ensuring that selected advisors meet high standards of professional capability and client service quality, enhancing Detanna and her team's industry reputation.
- Company Support: Senior executives at Raymond James express pride in Detanna's achievements, emphasizing her leadership and dedication to families, which further enhances the company's brand image and client trust in the wealth management sector.
- Recognition Again: Lisa Detanna has been honored once more on the Forbes 2026 list of America's Top Women Wealth Advisors, highlighting her outstanding leadership and client impact in wealth management, reflecting her team's commitment to integrity and professionalism in client service.
- Extensive Experience: Joining Raymond James in 2011, Detanna brings over 30 years of financial services experience, overseeing wealth strategies for approximately 800 families, focusing on long-term planning and financial literacy to ensure wealth transfer across generations.
- Asset Management Scale: Her team manages $4.4 billion in assets, aligning sophisticated investment solutions with the real-world goals and values of the families they serve, enhancing the wealth management experience and further solidifying the company's market position.
- Industry Recognition: The ranking is based on rigorous quantitative and qualitative metrics, including client retention and compliance records, demonstrating Detanna's influence in the wealth management industry and her positive contributions to clients' financial lives.







