I founded Altruist because there was a clear and compelling need for a better RIA custodian.
After six years of building a solution with the surface area to serve almost everyone, we've identified precisely who we serve best: advisors committed to rapid growth, deep client relationships, and innovation—whether solo, team-based, or CEO-led enterprises.
These firms are truly Modern Advisors.
To make their desired impact, they need to efficiently onboard new clients, seamlessly integrate with best-in-class CRM, planning, and analytics, and, above all, consistently deliver exceptional client experiences while their firms expand. I know this from my own experience building Retirement Wealth and FormulaFolios. And in both of those instances, I wasn’t getting what Altruist strives to deliver: a custodial partner who can support the ambition of a fast-growing firm.
Today, Altruist offers automated workflows that support growth and optimization at a scale unmatched by legacy custodians. Our pricing is simple and transparent, our API and integration capabilities are rapidly expanding, and every element of our product roadmap is directly shaped by feedback from our customers. In a nutshell, we’re building a custodian that helps advisors deliver better outcomes to more clients at lower costs.
This approach appeals to firms managing $50M, $500M, and $5B alike.
Several major trends confirm that now is the time to double down on this category. First, a massive generational wealth transfer is moving trillions of assets to investors who expect digitally empowered financial advice. Second, AI and automation are unlocking new levels of firm productivity. And third, there’s an industry-wide shift toward the RIA model’s key feature of genuine independence, away from the pseudo-autonomy of independent broker-dealers and the captive environment of wirehouses.
Unlike our competitors, we have the advantage of being able to skate where the puck is going.
Earlier this morning, we announced a $152M round of funding from exceptional long-term investors. The investment was led by GIC, with participation from Salesforce Ventures, Baillie Gifford, Geodesic, and ICONIQ. These partners understand the rare opportunity in front of Altruist and, most importantly, realize the value we strive to create for the firms and clients on our platform.
I say this every year, but I’ve never been more excited about what we’re building and who we’re building for.
Jason Wenk
CEO, Altruist
