Charles Schwab, Raymond James, and LPL fall sharply after startup Altruist's tool gains traction.

The movement shows what's happening in the financial sector: tools that previously required specialized consultants are being rapidly automated.

Wealth management seemed protected by relationships, but AI is democratizing sophisticated strategies.

The synchronized fall of the main players indicates that the market is seeing real structural risk.

If Altruist delivers equivalent results at a low marginal cost, the traditional model needs to reinvent itself quickly.