Meta’s Muse Just Wiped 6% Off Schwab And LPL. Wall Street Thinks AI Is Coming For Advice.
AI SummaryAI-generated — verify against the source.Meta's introduction of its 'Muse' AI model has triggered market concerns, causing a 6% drop in stock prices for major custodians Schwab and LPL. This event signals growing investor anxiety that AI could disrupt traditional financial advice models, highlighting a potential long-term competitive threat to incumbent wealth management firms.
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