Venice Beach, CA — January 9, 2020
Altruist Corp, an LA-based fintech company that provides a fully-integrated digital brokerage to financial advisors, announced its partnership with DriveWealth, a global leader in digital trading technology. DriveWealth is also partnered with Citibank and together will power Altruist’s brokerage execution and is responsible for safekeeping securities on behalf of Altruist's customers and settling trades executed in US trading venues.
DriveWealth founder and CEO Robert Cortright said:
“We have always looked for effective ways to bring our unique technical and brokerage capabilities to financial advisors. Our partnership with Altruist brings a powerful solution to this market which is undergoing dramatic change driven by technology. This offering will help bring advisors into the forefront of digital investment products.”
Altruist released a beta version of its software last year, which includes Portfolio Accounting features to help advisors run their businesses more efficiently. They started piloting their brokerage with a select group of advisors last month and plan to ramp up quickly early this year.
With help from DriveWealth’s innovative investment technology, advisors using Altruist can trade fractional shares, commission-free on a beautifully simple user interface. Advisors can also open accounts for their clients, completely paperless, in under 2 minutes.
The platform allows advisors to create custom models and portfolios and offers auto-rebalancing. These brokerage features seamlessly feed into their performance reporting and fee billing software to create an elegant, integrated solution for financial advisors.
Jason Wenk, founder and CEO of Altruist, says about the partnership:
“We have ambitious plans to make financial advisors and their clients’ lives better. To do this we need to maximize automation and efficiency, and DriveWealth is the perfect partner in this endeavor. Partnering with DriveWealth allowed us to build the first-ever, truly free platform for RIAs, so they can offer a fully digital, commission-free, fractional share solution to their clients.”
Mazi Bahadori, CCO and VP Securities of Altruist, added:
“DriveWealth’s API-based technology and the security and stability of Citibank allow us to deliver unparalleled brokerage and custodial services to RIAs, free from conflicts of interest with full peace of mind that their clients are in good hands.”
DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC. DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform. DriveWealth, LLC delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com.
Altruist is an LA-based fintech company on a mission to make financial advisors better, more affordable, and accessible to more people. The team builds products to help advisors increase efficiency and offers an investment platform that substantially lowers costs. As the first completely digital brokerage, Altruist helps advisors provide their clients with a delightful experience with their money. Brokerage related products and services are provided by Altruist Financial LLC, member of FINRA and SIPC. Follow Altruist on Twitter @altruistcorp.