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AI Fears Shake Schwab, LPL Financial; Brokers Still Preferred

2/21/2026

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Summary

Story summary

Shares of Charles Schwab and LPL Financial fell amid fears that artificial intelligence (AI) will replace stock brokers.
Brokers say they have not lost clients, and many wealthy investors still prefer human advisors.
Brokers are using AI to enhance market insights, viewing it as a tool rather than a replacement.
Historical trends show online trading did not eliminate the need for human brokers, and wealthy clients prioritize relationships.

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Story summary

Shares of Charles Schwab and LPL Financial fell amid fears that artificial intelligence (AI) will replace stock brokers.
Brokers say they have not lost clients, and many wealthy investors still prefer human advisors.
Brokers are using AI to enhance market insights, viewing it as a tool rather than a replacement.
Historical trends show online trading did not eliminate the need for human brokers, and wealthy clients prioritize relationships.