Startups > Altruist

Altruist

Altruist powers independent RIAs with integrated custody, trading, and portfolio management software.

Series F $602M total Founded 2018 Culver City, California 755 employees

Altruist is a modern custodian and integrated software platform for independent RIAs that combines self-clearing brokerage services with front, middle, and back-office tools—account opening, trading, portfolio accounting, performance reporting, fee billing, and client portals—all in one streamlined solution. The platform eliminates data reconciliation headaches and reduces operational labor costs by 40-60% through vertical integration. With zero platform fees for custody accounts and optional AI-powered premium subscriptions, Altruist is modernizing wealth management infrastructure for the independent advisor market.

Problem solved

Independent RIAs waste significant time and money reconciling data across fragmented custody, trading, and back-office systems while paying high platform fees to legacy custodians.

Target customer

Independent Registered Investment Advisors (RIAs) managing $50M to $5B+ in assets under management seeking modern, cost-efficient alternatives to traditional custodians.

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Founders

Jason Wenk

Founder & CEO

20+ year fintech veteran; previously built Retirement Wealth Advisors to $100M AUM and FormulaFolios to $4B AUM in 6 years; Harvard Business School; EY Entrepreneur of the Year 2018.

Funding history

Series A $8.5M November 25, 2019 Led by Venrock · Endeavor

Series B $50M May 21, 2021 Led by Insight Partners · Venrock, Vanguard

Series C Unknown November 2021 Led by Declaration Partners · Unknown

Series D Unknown April 12, 2023 Led by Adams Street Partners · Unknown

Series E $169M May 2024 Led by ICONIQ Growth · Granite Capital Management, Sound Ventures, Adams Street

Series F $152M April 22, 2025 Led by GIC · Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth

Total raised: $602M

Industries

Asset Management Financial Services FinTech

Pricing

Zero platform fees for custody accounts bundled with portfolio accounting, reporting, billing, and client portal. Premium subscription 'Altruist One' at 0.01% per month per household ($1 minimum monthly fee). Model Marketplace at 10-12 bps/month. Hazel AI platform at $60-$600 per seat monthly.

Notable customers

Not publicly disclosed

Integrations

Salesforce, HubSpot, Model Marketplace integrations, mobile app ecosystem

Tech stack

jQuery Migrate (JavaScript libraries) jQuery (JavaScript libraries) core-js (JavaScript libraries) Bootstrap Icons (Font scripts) Zendesk (Documentation) Popper RSS Open Graph WordPress (Blogs) HubSpot Analytics (Analytics) Amplitude (Analytics) Microsoft Clarity (Analytics) Matomo Analytics (Analytics) Linkedin Insight Tag (Analytics) Hotjar (Analytics) Google Analytics (Analytics) Facebook Pixel (Analytics) Crazy Egg (Analytics) Detectify (Security) Apache HTTP Server (Web servers) Varnish (Caching) Google PageSpeed (Caching) PHP (Programming languages) Apple iCloud Mail (Webmail) Google Workspace (Email) jQuery CDN (CDN) jsDelivr (CDN) HubSpot (Marketing automation) MailChimp (Marketing automation) MySQL (Databases) Twitter Ads (Advertising) Microsoft Advertising (Advertising) Taboola (Advertising) Google Tag Manager (Tag managers) Salesforce (CRM) Yoast SEO (SEO) Amazon Web Services (PaaS) Mailgun (Email)

Website

altruist.com/

Competitors

Schwab Institutional

Legacy custodian with higher platform fees; lacks integrated modern software stack and AI capabilities that Altruist provides.

Fidelity Institutional

Traditional custodian with fragmented tools; Altruist's vertical integration eliminates reconciliation headaches and reduces operational costs significantly more.

TD Ameritrade Institutional

Established custodian with legacy infrastructure; Altruist built from ground up with modern tech stack and lower cost structure.

Orion

Separate portfolio management/reporting layer; Altruist combines custody and software in one unified platform eliminating data silos.

Black Diamond

Third-party reporting tool; Altruist bundles integrated reporting, custody, trading, and AI analytics as cohesive system.

Why this matters: Altruist has achieved unicorn+ status ($1.9B valuation, $602M raised) by solving a real pain point—RIAs stuck between legacy custodians and fragmented best-of-breed vendors. With zero platform fees and vertical integration, it's fundamentally challenging the custodian pricing model and demonstrating that modern fintech can disrupt a traditionally slow industry. The backing of institutional investors (GIC, Salesforce Ventures) and strong founder track record (Jason Wenk's $4B FormulaFolios exit history) suggest this is the rare fintech attempting genuine infrastructure replacement, not incremental improvement.

Best for: Independent RIAs seeking a modern, cost-effective alternative to traditional custodians who want to eliminate operational complexity and reduce back-office overhead while accessing AI-powered portfolio management tools.

Use cases

Streamlined Account Opening and Onboarding

An RIA can open and fund client accounts, execute trades, and establish rebalancing rules entirely within Altruist without switching between platforms. This eliminates manual data entry, reduces onboarding time from days to hours, and minimizes errors in account setup.

Automated Portfolio Rebalancing with Custom Models

Advisors create custom portfolio models once in Altruist, then automatically rebalance hundreds of accounts with fractional shares, avoiding manual trades and reducing drift. The platform tracks performance and generates client-ready reports automatically, reducing middle/back-office labor by 40-60%.

Transparent Fee Billing Without Platform Charges

An RIA eliminates surprise custodian platform fees entirely; they pay zero for core custody and bundled software (accounting, reporting, billing). This improves margins and simplifies pricing conversations with clients who see clear AUM-based advisory fees only.

AI-Powered Insights and Performance Reporting

Using Hazel AI, advisors generate sophisticated portfolio insights, tax-loss harvesting recommendations, and performance attribution without hiring additional analysts. Clients receive modern mobile-friendly dashboards showing real-time positions, performance, and fees—improving retention and perceived service quality.

Alternatives

Schwab Institutional Choose if you prioritize brand recognition and largest custodian ecosystem; accept higher platform fees and more fragmented software layer.

Fidelity Institutional Choose if you need maximum product breadth and employee ERISA plan capabilities; trade off higher costs and legacy technology stack.

Orion Advisor Platform Choose if you're already custodied elsewhere and need best-of-breed reporting/rebalancing overlay; maintain your existing custodian relationship.

FAQ

What does Altruist do? +

Altruist is an integrated platform combining self-clearing brokerage custody with front-to-back-office software for independent RIAs. It handles account opening, trading, portfolio accounting, performance reporting, fee billing, and client portals in one unified system—eliminating data silos and operational complexity. The platform includes optional AI-powered analytics and managed investment models.

How much does Altruist cost? +

Altruist charges zero platform fees for custody accounts, which includes portfolio accounting, reporting, billing, and client portal. Premium 'Altruist One' subscription adds enhanced yields and tax tools at 0.01% monthly per household ($1 minimum). Model Marketplace managed solutions cost 10-12 bps/month. Hazel AI runs $60-$600 per seat monthly.

Who is Altruist best for? +

Independent RIAs managing $50M to $5B+ in assets seeking modern, cost-effective custody with integrated software. Best for advisors who want to reduce operational overhead, eliminate data reconciliation, and access AI-powered tools without paying legacy custodian fees or juggling multiple vendors.

How does Altruist differ from Schwab or Fidelity? +

Unlike traditional custodians, Altruist built a vertically integrated platform combining custody with modern software specifically designed for independent RIAs. It eliminates reconciliation headaches, reduces operational costs 40-60%, and charges zero platform fees—versus legacy custodians charging per-account or per-feature premiums while maintaining older technology stacks.

Can I use Altruist if I already have a custodian? +

Altruist is designed as a full custodian replacement. Its value comes from vertical integration—custody + software as one system. You would need to move your assets and client accounts to Altruist to benefit from the platform. It is not a reporting overlay for existing custodial relationships.

What makes Altruist's AI different? +

Hazel, Altruist's AI platform, generates portfolio insights, tax recommendations, and performance analysis built natively into the custodian system—not as a third-party bolt-on. This means recommendations are informed by real custody data, positions, and fees without manual data uploads or reconciliation.