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New in October 2023: Redtail integration, expanded joint account types

redtailRedtail integration for even faster account opening       

We are thrilled to announce the new integration between Redtail and Altruist. You can seamlessly import client contacts from Redtail CRM to Altruist, streamlining the account opening process. With pre-populated contact and demographic fields, it's all about efficiency and a better user experience.

Key Features:

  • Contact Sync: Automatically sync key client information between Redtail and Altruist, eliminating manual data entry and potential errors.
  • Fast Onboarding: Speed up opening new accounts with pre-filled details.
  • Coming soon: Exporting Altruist custodial data into Redtail for a two-way sync. 

How to set up the integration:

  1. Log in to your Altruist account
  2. Navigate to Settings.
  3. Within Settings, go to Integrations.
  4. Find and select the Redtail integration card and click Connect.
  5. Enter your Redtail credentials. Upon successful validation, the integration will be activated.

Our platform will then fetch contact records from Redtail and pre-populate them into Altruist, simplifying digital account opening tasks.

Data Fields Synced:

  • First Name
  • Last Name
  • Primary Email
  • Primary Phone
  • Address Details (Primary Address, City, State, Zip)
  • Date of Birth
  • Marital Status
  • Employer Name

jointExpanded joint account types 

We’ve expanded our joint account offering to meet the diverse requirements of your clients, ensure compliance with specific state regulations, and help you serve a broader spectrum of client needs with flexibility and ease.

The new joint account types include: 

  1. Joint Tenants in Common (JTIC) 
  2. Joint Community Property (JCP): Exclusively for residents of AZ, CA, ID, LA, NV, NM, TX, WA, & WI. 
  3. Joint Tenants by Entirety (JTBE): Reserved for residents of AK, AR, DE, DC, FL, HI, KY, MA, MD, MI, MO, MS, NJ, OK, PA, RI, TN, VA, VT, & WY.

These new account types integrate seamlessly into the multiple account opening flow we announced in August.

As with our existing Joint Tenants with Rights of Survivorship (JWROS) accounts, you must determine which account owner will receive the invite during digital account opening. This chosen individual will be responsible for reviewing and confirming the profiles for both account owners.

Client hubIntroducing the Altruist Client Hub

Your Client Asks: "What is Altruist?"

Questions about our security measures, differences from other custodians, and data protection often arise. Now, when your clients wish to understand us more deeply, there's a dedicated space just for them: the newly launched Client Hub, tailored specifically for the clients of Altruist advisors.

The Client Hub will be continuously updated, offering fresh content that:

  • Guides clients through the onboarding process
  • Provides insights on maximizing their experience with Altruist in partnership with their advisor
  • Emphasizes the unparalleled advantages of working with an independent advisor to achieve their financial aspirations.

We’ll be adding a few snackable videos for your clients in the coming weeks. We're excited about this step towards transparency and ensuring your clients have a resourceful hub at their fingertips. As always, we value the trust you and your clients place in Altruist.

Business accounts added to multiple account bundling 

We continue to enhance our popular multiple account opening workflow–now with these business account types added:

  • C Corporation
  • S Corporation
  • LLC C Corporation
  • LLC S Corporation 

These business account types can be bundled together alongside individual, joint, retirement, trust, UGMA/UTMA, SIMPLE IRA, SEP IRA, Beneficiary IRA, Beneficiary Roth IRA, and Solo 401(k) accounts–all in one streamlined experience. 

Our enhanced account opening process modernizes digital onboarding, sparing you from repeatedly entering client details, eliminating tedious activity, and unlocking efficiency. And now, in one elegant email, you can prompt clients to open bundled accounts in significantly fewer steps. More to come soon as we build out this workflow further!

Simplified fee processing with Pershing-compatible CSV export

We’ve introduced an enhancement for our advisors with SSG, who leverage Pershing for fee billing to help simplify your billing workflow. You can now seamlessly download a calculated fees CSV file tailored specifically for Pershing's requirements. This means if you're an advisor with brokerage accounts on Altruist, you can streamline your fee processing directly at Pershing without the need for manual adjustments.

Because Pershing has unique fee billing export specifications, we've ensured that the CSV export aligns perfectly with Pershing's criteria. When downloaded, you will notice CSV column headers for: 

  • Account Number: The distinct identifier for every account.
  • Short Name: This column will always be included. However, there's no obligation to fill it.
  • Amount: Reflects the fee amount tied to each account.

We've also standardized the naming process for the CSV files, ensuring consistency and easy identification. For Pershing, files will adopt the structure: PERSHING-<BILLING_PERIOD>-Fees.csv. As an illustration, for fees calculated in October 2023, the file name would be: PERSHING-2023-10-Fees.csv.

Other UX improvements you might have missed this month

Abbreviated account numbers: In our ongoing quest to provide a clear and intuitive user experience, we've made a subtle yet impactful design tweak to how account numbers are displayed on Altruist. Before this update, account numbers were shown with just the last 5 digits, i.e. "12345". To ensure no ambiguity, we've enhanced this display to highlight that the number is abbreviated, presenting it as "**12345".

Quicker access to client SSN/DOB details: Advisors can now effortlessly locate a client’s Social Security Number (SSN) and Date of Birth (DOB) directly from the household page, specifically within the contact details drawer. This update ensures that vital information is just a click away, simplifying your workflow and saving time.

We're continually refining our platform based on our advisors' feedback. Thank you for helping us serve you better!

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