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the AI disruption trade just hit financial services Again... a startup that launched an AI tax planning tool isn't going to replace Schwab anytime soon. But its a real product doing in minutes what advisors charge thousands for. that's all the market needs right now to reprice an entire sector

Insurance brokers are getting crushed today after OpenAI approved the first insurer-built AI app on ChatGPT - $WTW, $AJG, $RYAN, $BRO, $AON From GS – “The immediate feedback still is a degree on confusion & the top question is 'Why would this primarily impact the brokers (who primarily do commercial .. think there's only home insurance at the majors for high net worth)' .. with a few arguing it's 1) more negative for personal insurance carriers given greater price transparency/shopping/competition, and 2) Insurance brokers dealing in more specialty products should be better insulated given complexity. All that said, there's certainly a degree of 'don't fight the narrative' .. and this is all very fresh/fluid at the moment”