Descriptions:
Altruist CEO Jason Worts joined Bloomberg Technology to discuss Hasl, a newly launched AI tax-planning agent that rattled wealth management stocks including Charles Schwab and Raymond James within days of gaining wider attention. Worts explains that Hasl is designed to empower independent financial advisers rather than replace them — automating compliance and tax analysis tasks that previously required teams of ten or more people working hundreds of hours at costs of tens of thousands of dollars, compressing that work to roughly two to three minutes at around $100 per month.
Altruist deliberately structured Hasl as a standalone entity so that advisers using any custodian — including direct Altruist competitors like Schwab, Fidelity, and LPL — can access the tool. Worts reports that hundreds of large wealth management firms reached out within 48 hours of the product gaining media attention. He argues the market reaction reflects a correct read of the risk: when a modern, vertically integrated platform layers AI agents on top of clean infrastructure, the performance gap versus legacy incumbents can expand from 20–30% better to 200–300% better.
The interview includes clips of Charles Schwab CEO Rick Wurster arguing AI is actually an accelerant for established players, setting up a direct point-counterpoint on whether incumbents can absorb the disruption. The segment offers a rare ground-level account of how a niche fintech AI product can move public market valuations when it demonstrates credible displacement potential.
📺 Source: Bloomberg Technology · Published February 12, 2026
🏷️ Format: Interview
