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The "leap of faith" that paid off

How Altruist is helping Nick Bormann build and grow his RIA.

Altruist was the right solution at the right time in Nick Bormann’s career. 

As he transitioned from working for a small broker-dealer to setting up remote-work RIA, Altruist offered automation, a paperless experience, and an all-in-one tech stack. 

His clients enjoy the easy-to-use, intuitive interface, and Altruist’s features—including fractional trading and no asset minimums—mean he can effectively target his niche.

Nick’s experience with tech tools for advisors prior to Altruist was lackluster at best. When he worked with an independent broker dealer, he says, “the technology tools I had there… people were complaining that it was something from the early 2000s."

He recalls how previous platforms were difficult to use, and lacked automation on the backend: “I had to fill out a paper form, then scan it, and someone would enter it. It would maybe take a day or two.”

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A time of transition

With an impending move for his wife’s new post as a professor at the London School of Economics, Nick was at a career crossroads. A Google ad pointed him to Altruist, and his first thought was, “This feels almost too good to be true.”

Spoiler: It wasn’t. “Getting up and running with Altruist was the easiest part,” he reports. Though clients were initially hesitant to adopt a young platform, Altruist is now “basically my all-in-one technology stack.” For solo practitioners like himself, Nick says, “it’s hard to imagine anything better.” 

Features that match his practice

A big motivating factor for making the switch to Altruist was the “capacity to do fractional shares on individual stocks,” Nick says. “I was already doing that research for myself, and Altruist lets me invest for my clients in the same way I do for my own money,” he adds. Choosing stocks is a key part of his practice that allows him to add value, and it’s available without asset minimums. 

“The portfolios and models tool is really cool,” he notes, and “building different asset allocations for people is really easy.” Customization on Altruist is “lightyears ahead,” and rebalancing is now simple and fast.

Real human support

“About once a week I have questions that I type in and I have answers in like 5 minutes, it’s great,” says Nick. “Much better than how I’d been doing things before.” Altruist’s customer support team is “very enthusiastic and knowledgeable.”

Altruist and our affiliates did not pay for this case study, but we do earn revenue from financial advisors who use our platform. This customer review may not represent the experience of others and it isn’t a guarantee of results, but we’d love the opportunity to show you firsthand. Some equities may not be eligible for fractional-share trading.

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