Shares in online brokers Avanza Bank and Nordnet are down today by 6.3% and 4.6%, respectively.
The declines follow a sharp drop among several US wealth management companies on Tuesday, after technology platform Altruist launched a new AI-based tax planning tool, according to EFN.
Finwire reported this morning on the AI-related downturns in the US in its New York column.
Among tax and wealth advisors, Charles Schwab and LPL both fell by around 8% on Wall Street.
A clear distinction between the US tax and wealth advisors and the Swedish online brokers is that the American firms operate extensive advisory businesses with tens of thousands of employees. Avanza and Nordnet also provide tax advice to their private banking clients, but not in-house; instead, they rely on partners such as Advice, which Nordnet uses, and Deloitte, which collaborates with Avanza, according to Di.
The sector is also feeling pressure from US online broker Robinhood, which is down about 7% in pre-market trading after its quarterly report late last night.
Nordnet AB (publ) is a Sweden-based company that offers a digital platform for savings and investments. Nordnet's core business is savings and investments. Via nordnet's digital platform, savings and investments are offered in a number of financial products at low costs, as well as a number of selected loan products. The platform is aimed at private savers in Sweden, Norway, Denmark and Finland and is available via nordnet's Web services, app and a number of trading applications developed by partners of the Company. Nordnet also runs one of the Nordic region's social investment network, which enables Nordnet's customers to follow other investors and see their investments. The company has a total of more than half a million members on its various social channels and networks.
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