Source: New York Post
Shares of companies like Charles Schwab and LPL Financial are tanking on fears that AI will replace its stock brokers – but the humans aren’t panicking like the headlines would have you believe, On The Money has learned. Indeed, reports of the demise of the stock broker in your Rolodex are being greatly exaggerated by these recent – and admittedly large and lucrative – market bets against them, based on my chats with the actual humans who perform this vital market function. Let’s start with what’s happening on the ground as AI disruption crushes shares of Schwab, down 13% in just a few days before bouncing back a bit; Ditto for LPL another brokerage firm that links investors up with its stable independent financial advisers.
