Wealth managers and price comparison sites have become the latest companies to be hit by fears that their businesses will be disrupted by new artificial intelligence innovations.

Shares in UK wealth management firms tumbled on Wednesday morning, after the AI company Altruist Corp launched a service that it said helps advisers create personalised tax strategies by reading clients’ pay stubs, account statements and other documents.

The UK wealth manager St James’s Place fell almost 10% in early trading, with rival Quilter down 5.2% and AJ Bell losing 5.7%, as investors anticipated that agentic tools that can sort tax affairs, or provide advice, could eat into their revenues.

“Fresh casualties from AI advances are falling on the…