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Altruist

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Company Research Report: Altruist Corp



Company Overview



Name


Altruist Corp

Mission


Altruist seeks to make independent financial advice better, more affordable, and accessible to everyone. Their mission is to improve client outcomes by providing exceptional tools and support for financial advisors.

Founded


2018 by Jason Wenk

Key People


  • Jason Wenk: CEO, Founder

  • Mazi Bahadori: COO & CCO

  • Katherine Starros: VP, People

  • Harpreet Ahluwalia: Chief Product Officer

  • Michelle Shotts: VP Customer Success


Headquarters


No information available.

Number of Employees


No information available.

Revenue


No information available.

Known For


Altruist Corp is known for building a revolutionary platform aimed at reducing barriers to entry into wealth creation and management for financial advisors and their clients.

Products



Overview


Altruist offers a suite of integrated fintech solutions tailored to the needs of financial advisors, allowing them to streamline operations, reduce costs, and improve client outcomes.

Altruist Platform


A financial advisor platform that combines technology and custodial services to enable efficient financial advisory practices.

Key Features


  • Digital Account Management: Fast, paperless onboarding and account servicing.

  • Model Marketplace: Access to over 350 asset managers and pre-built models.

  • Automated Rebalancing: Tax-sensitive rebalancing and custom cash management.

  • Portfolio Management: Tools for customization, fractional shares, commission-free trading.

  • Fee Billing: Integrated billing solutions with flexible schedules.

  • Client Portal: Mobile and web-based portal for comprehensive client information access.

  • Enhanced Account Protection: Excess SIPC insurance and FDIC coverage for cash.


Key Product Functionalities


  • Intraday Rebalancing

  • Real-Time Data

  • Automated Tax Management with TaxIQ

  • Fully Paid Securities Lending Program

  • Integrated Reporting and Performance Analytics


Recent Developments



Funding and Investments


  • Series E Funding: Altruist raised $169M in Series E to support its mission of providing better, affordable financial advice.


New Features and Integrations


  • TaxIQ: A new tax management feature that automates tax loss harvesting and tax-aware rebalancing.

  • Altruist Cash: Offering a competitive 5.10% APY on cash balances to clients.

  • New Integrations:

  • With Smartria: For compliance and trade monitoring.

  • With ACA for ESG Analysis.

  • With StratiFi for enhanced risk management.


Customer Testimonials


  • User Feedback: Clients have praised Altruist for its seamless, paperless onboarding process, and easy-to-use platform interface.

  • Advisory Endorsements: Advisors report significant efficiency gains and enhanced client satisfaction using Altruist's integrated tools.


Strategic Initiatives


  • Customer Service Enhancements: Launch of live phone support to enhance advisor service experiences.

  • Platform Improvements: Regular bi-weekly releases adding new functionalities and integrations.

  • Partnerships: Strategic partnerships to expand feature sets and integrations, including ESG analysis tools and advanced compliance platforms.


Growth and Scaling


  • Transitioning Assets: Advisors are migrating significant assets to Altruist for better service, such as Windle Wealth moving $150M before the Schwabitrade conversion.

  • Operational Efficiency: Firms like Kiplinger Wealth Advisors have reported substantial savings and efficiency improvements after transitioning to Altruist.


In summary, Altruist Corp is a rapidly innovating fintech company, committed to supporting financial advisors through integrated, client-focused solutions. Their recent developments and strategic initiatives clearly highlight their dedication to transforming wealth management and improving client experiences.