Charles Schwab (SCHW) CEO Rick Wurster pushed back against growing concerns that artificial intelligence could disrupt the wealth management industry, arguing instead that the technology will enhance adviser productivity.

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Wurster emphasized that AI should be viewed as a supportive tool rather than a replacement for human expertise, according to a Bloomberg interview on Wednesday. “With the power of AI, not only are we reaching those clients we have a relationship with, we are able to help a whole new group of clients,” Wurst said.

His comments came after a selloff that dragged down shares of several wealth-management firms following the launch of Altruist’s AI-powered tax planning tool on Tuesday.

SCHW stock was up 1.6% in pre-market trading after closing over 7% lower in the previous session.

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