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New in April 2023: Wealthbox sync, Security exclusions, Fund substitutes, Limit orders

Wealthbox financial data sync is here

We recently announced a major improvement to our integration with Wealthbox. While Altruist advisors have the opportunity to pull through Wealthbox account information onto the Altruist advisor portal, you can now also do the opposite! 

If you’re unfamiliar with Wealthbox CRM, it's a powerful tool designed specifically for financial advisors. With features such as contact management, task tracking, and calendar syncing, Wealthbox CRM makes it easy for advisors to keep track of their clients' needs and provide excellent service. With the new integration, advisors can seamlessly pull through account information, positions, and balances from Altruist into the Wealthbox CRM platform.

To enable the integration, click on Applications under the Settings menu on the Wealthbox platform and select Altruist. A re-direct will ask you to log in to authenticate your Altruist account. After the account has been authenticated, you can associate the Altruist accounts with your clients in the Wealthbox platform. Once the association is complete, you can pull up the client record in Wealthbox to see the Altruist accounts and positions tied to the client. 

We're thrilled to partner with Wealthbox CRM to make our platform even more valuable for financial advisors, with no more switching between different platforms to get the information you need.

On April 19th, we hosted a joint webinar with Wealthbox to discuss this integration and our partnership. Check out the replay here.

Exclude securities from rebalancing at the account level

Clients often have legacy positions that require special attention in the context of their broader investment strategy. This can be challenging for some clients, especially those more tax-sensitive. Understanding how to handle these positions can create opportunities to add value by providing personalized service to your clients and helping them reach their financial goals. Some of the most common reasons we see investors arriving with legacy holdings in their portfolios include the following:

  • Emotional attachment
  • Equity-based compensation
  • Strong conviction for a holding
  • Embedded gains

To help manage these legacy positions, we just enabled a new security exclusion feature in the Altruist rebalancer. Before assigning a portfolio, you can now easily define which securities should be excluded from buying and selling at the account level in rebalancing. For example, if your client holds a large position in Microsoft, you can exclude MSFT from your model. Those securities get an “Excluded” badge on your client’s holdings table for a clear and transparent experience.

Introducing intelligent fund substitution 

Altruist advisors can now designate fund substitutes for mutual funds and ETFs in your custom models to strategically avoid taxes associated with unrealized taxable gains and harvest tax losses–all while maintaining the desired portfolio allocation exposure. You can specify the properties of the substitute as an ‘Equivalent’ or ‘Temporary’ and rank within the grade and even designate each security for ‘Sell only’ for legacy management purposes. 

For example, suppose your client owns a position with gains in SPY, you can mark the ticker as a sell-only substitute for the model portfolio’s large-cap stock fund allocation, consequently limiting SPY’s exposure over time. This feature also allows for the seamless replacement of funds sold for a loss during the wash sale rule.

Limit orders have arrived on Altruist for manual trading

For advisors who prefer to place orders to buy or sell a security at a specified price or better, limit orders are now an option for manual trades. Limit orders offer better control over your execution price compared to market orders, and are best for placing trades for illiquid stocks so you don’t end up executing at an unfavorable price. While a market order offers more immediate execution, consider using limit orders to protect yourself from unexpected price movements. 

Limit orders on Altruist can be canceled as long as the order has not expired or been filled. You can view the trade life cycle in the Order Status and Order History tabs on the Trading page. Open orders are always listed at the top of your order table.

Newfound Research is now available in our Model Marketplace

Two new additions by Newfound Research are now on the Altruist Model Marketplace. Access these institutionally managed strategic asset allocation series from our new quantitative investment partner at only 12 bps/year: 

  • Structural Alpha Series seeks to generate long-term excess returns through enhanced composition enabled by capital efficiency and convexity.
  • Return StackedTM portfolio aims to provide exposure to a U.S. 60/40 allocation while “stacking” diversifying alternative exposures, including tail protection, on top. Newfound’s Return StackingTM is the idea of layering one investment return on top of another, achieving more than $1.00 of exposure for each $1.00 invested. 

Newfound model portfolios are designed to unlock the benefits of diversification through capital-efficient investment solutions and alternative return streams, and we’re delighted to have them join our model marketplace.

We’ll share more about these models and how alternative markets can be a compelling strategy in your portfolio on a May 2 live webinar with Altruist’s Adam Grealish and Newfound’s Corey Hoffstein. Reserve your seat here

Newfound Research is the 16th industry-leading asset manager to be added to our Model Marketplace, which now comprises over 320 total portfolios for advisors to select from–all at an industry-low price. 

Altruist raises $112M to empower RIAs of any size and scale

Get ready for even more freedom to grow your business while running the practice you envisioned with the software and service you deserve. With this capital, we’re accelerating product development in three key areas:

  • Automation to help you offload low-value work and free up team capacity
  • Personalization to deliver a great client experience at scale
  • Integrations to simplify your workflows  

In this blog post, Altruist Founder and CEO, Jason Wenk, writes about how our Series D contributes to our mission of making human financial advice better, more affordable, and accessible to everyone and cements Altruist as the only modern custodian built exclusively for RIAs.

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