Articles from Altruist

Altruist, the modern custodian built for RIAs, today announced new institutional-grade FIX trading integrations with Orion and Advyzon*. These integrations allow for orders to be submitted in real-time for execution at Altruist from the platforms advisors already use—eliminating manual trade files and accelerating operational efficiency for large, growth-focused firms.

Altruist, the modern custodian for RIAs, today announced $152 million in Series F funding led by GIC, a global institutional investor. Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners also participated. The round values the company at approximately $1.9 billion.

Altruist, the modern custodian transforming the registered investment advisor (RIA) industry, has named Rich Rao its Chief Business Officer (CBO). Rao, a recognized leader in scaling businesses and optimizing go-to-market strategies, has held executive roles at Google, Meta, and Intuit. He will drive Altruist's market expansion, strengthen advisor partnerships, and ensure sustainable growth as the company redefines custody for independent financial advisors.

Altruist, the modern custodian built for RIAs, has appointed Sumanth Sukumar as its Chief Technology Officer (CTO). Sumanth brings extensive experience in developing and scaling complex technology systems, having led engineering teams at Coinbase, Uber, and Facebook. In his new role, he will ensure ongoing platform security and reliability, and oversee rapid innovation alongside the integration of AI into internal systems and new products.

Altruist, the modern custodian built exclusively for Registered Investment Advisors (RIA), is proud to announce the appointment of LaSalle Vaughn as its new Chief Compliance, Ethics, and Risk Officer. Vaughn has over 20 years of financial services industry experience spanning Fortune 500 companies to rapidly scaling startups. His expertise will play a crucial role in scaling Altruist’s internal compliance, risk, and ethics structure as the company solidifies its position as the leading modern custodian.

Today, Altruist, the modern custodian built for RIAs, announced the launch of its unified fixed income trading experience. The highly-anticipated, fully-digital product joins the company’s rapidly expanding set of advisor-centric solutions and brings long-awaited innovation to bond trading in the RIA space.

Altruist, the modern custodian built exclusively for RIAs, is pleased to announce the appointment of Piret Loone as its new General Counsel. Loone will lead the company’s legal and compliance functions, bringing extensive expertise in financial services, regulatory law and fin-tech matters to Altruist.

Altruist, the modern custodian built exclusively for RIAs, launched TaxIQ, a suite of tax management tools designed to help advisors maximize clients’ after-tax returns. Until now, the highly quantitative nature of tax management has limited firms’ abilities to provide these strategies at scale. With TaxIQ, Altruist advisors can automate tax savings with the click of a button. The technology is native to Altruist’s platform, which also includes capabilities for account opening, trading, rebalancing, reporting, and billing.

Altruist, the modern custodian built for RIAs, today announced a $169M Series E round of funding led by ICONIQ Growth with participation from new investor Granite Capital Management, and continued support from existing investors Adams Street Partners and Sound Ventures. The new round brings the company’s total funding to over $450M and values the company north of $1.5B. In conjunction with the funding, Yoonkee Sull, General Partner at ICONIQ Growth, will be joining the board of directors.

Altruist introduced an updated fee schedule, a direct result of the feedback received from its advisor community. The new fee schedule reflects simple, transparent, industry leading pricing, aimed to objectively improve client outcomes and make independent financial advice more accessible.

Altruist, the modern custodian for RIAs, launches Altruist Cash, its native cash management solution. The announcement comes just weeks after T3 named the company the #1 custodian advisors are considering switching to. The new product, one of the most highly requested features from advisors on the platform, offers end clients 5.10% APY on cash held in Altruist Cash accounts–11x the national average.* The offering bolsters an existing set of features designed to help RIAs drive better outcomes for their clients.

Altruist has been named to Fast Company’s prestigious list of the World’s Most Innovative Companies of 2024.

Altruist, named by T3 as the number one custodian that advisors are considering switching to in the next 18 months, earned additional recognition for its innovative solutions as a finalist for both the 2024 Fintech Innovation 50 and Nasdaq’s Fintech Trailblazer contest. The recognition is a testament to independent financial advisors’ appetite for a modern, efficient, and service-oriented custodian.

Today, Altruist, the modern custodian built exclusively for Registered Investment Advisors (RIAs), proudly announces six new powerful integrations, helping independent advisors simplify and streamline critical business workflows. Orion, Redtail, Kwanti, Moneyguide, IncomeLab and eMoney join an impressive list of existing integration partners that includes Wealthbox, Right Capital, Black Diamond, Advyzon and Nitrogen. Altruist advisors can look forward to additional integrations with ACA, SmartRIA, Morningstar and ByAllAccounts in early 2024.

In alignment with its mission to make independent financial advice better, more affordable, and accessible to everyone, the modern custodian is zeroing out the portfolio accounting software expense for all Altruist brokerage accounts. When advisors custody with Altruist, they now receive built-in performance reporting, fee billing, portfolio rebalancing, a modern client portal, and portfolio accounting at no additional cost.

Today, Altruist, the modern custodian built exclusively for Registered Investment Advisors (RIAs), proudly announces a series of platform updates. This comes on the heels of the time-saving multiple account bundling functionality launched last month. Alongside numerous user interface improvements for both clients and advisors and a suite of enhanced performance reporting tools, key updates in the release include:

Altruist, the modern custodian who introduced digital account opening and funding to the RIA industry, has launched multiple account bundling. The enhancement to their onboarding process eliminates repetitive tasks, saving time for advisors and clients.

Altruist, the modern custodian built exclusively for registered investment advisors (RIAs), announces the appointment of Marc Greenberg as the firm’s Chief Financial Officer. Prior to joining Altruist, Greenberg spent 16 years in finance and strategy leadership at Pixar, and most recently served as the CFO of Blend where he led the company through critical growth stages and ultimately to their initial public offering in 2021.

Altruist, the modern custodian built exclusively for RIAs, today announced a new $112 million series D round of funding led by Insight Partners, new investor Adams Street Partners, and continued support from existing investors. Notable industry leaders Bill McNabb, Ron Carson, and Marty Bicknell also participated in the round. This comes just weeks after the acquisition of SSG, an advisory services firm, and the launch of a new brokerage offering that cemented Altruist as the third largest custodian as measured by number of firms served. Altruist’s new funding adds to a previously undisclosed $110 million series C raised in November of 2021 and led by Declaration Partners with Venrock, Insight Partners, and Vanguard participating, bringing its total funding to more than $290 million.

Altruist, the modern custodian for independent registered investment advisors (RIAs), today announced it has acquired Shareholders Service Group (SSG), an award-winning brokerage and custodial platform serving over 1,600 advisors across the US. The SSG leadership team brings a rich tradition and culture of best-in-class RIA custody services to Altruist. The acquisition will help the Fintech juggernaut double the footprint of its RIA-exclusive services and product offerings which already include digital account opening, trading, reporting, and billing.

Altruist, the modern custodian for independent registered investment advisors (RIAs), today announces Altruist Clearing, a self-clearing brokerage leading the movement away from legacy financial institutions with cumbersome processes and time-consuming service models. Together with Altruist’s powerful suite of software, exceptional customer support, and industry-low fees, RIAs now have a digital-first alternative that is fully aligned with their interests.

Following Altruist’s recent expansion of its Model Marketplace and release of unified managed accounts (UMA) capabilities, the RIA fintech firm announces its partnership with ESG pioneer and long-time innovator HIP Investor, providing advisors with access to its Fossil Fuel Free Portfolio models focused on ESG and climate action for their clients.

Altruist, a fintech company on a mission to make financial advice better, more affordable and more accessible to everyone, announced a new feature to portfolio management capabilities - unified managed accounts (UMA).

Altruist, an all-in-one custodial solution for modern financial advisors, announces plans to release the Altruist Strategist Suite (Strategist) in Q2 2022. This will be the second Altruist-generated model portfolio suite in its Model Marketplace and the first to include direct indexing (DI). Made possible by fractional shares on the Altruist platform, advisors will be able to help clients access DI with as little as $2,000–a groundbreaking entry point considering that $250,000 is the typical minimum to access DI elsewhere.

Altruist, an all-in-one custodial solution for modern financial advisors, announces a strategic integration with Wealthbox CRM. The integration signifies Altruist's and Wealthbox's shared commitment to supporting independent financial advisors and providing an all-around enhanced experience for them and their clients.