Wealth Manager Stocks Drop After Altruist Launches New Product
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 10 2026
0mins
Should l Buy RJF?
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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Analyst Views on RJF
Wall Street analysts forecast RJF stock price to rise
9 Analyst Rating
2 Buy
7 Hold
0 Sell
Hold
Current: 158.030
Low
176.00
Averages
184.00
High
196.00
Current: 158.030
Low
176.00
Averages
184.00
High
196.00
About RJF
Raymond James Financial, Inc. is a diversified financial services company that provides services to individuals, corporations and municipalities. The Company's segments include Private Client Group (PCG), Capital Markets, Asset Management, Bank and Other. PCG segment provides financial planning, investment advisory, and securities transaction services to clients through financial advisors. Capital Markets segment conducts investment banking, institutional sales, securities trading, equity research, and the syndication and management of investments in low-income housing funds and funds of a similar nature. Asset Management segment provides asset management, portfolio management and related administrative services to retail and institutional clients. Bank segment includes Raymond James Bank, a Florida-chartered state member bank, and TriState Capital Bank, a Pennsylvania-chartered state member bank. Other segment includes corporate cash balances and its private equity investments.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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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.
See More
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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.
See More
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- 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.
See More
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- 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.
See More
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- 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.
See More
