Altruist provides a vertically integrated custody and wealth‑management platform that combines a self‑clearing brokerage with software for account opening, trading, reporting, billing, and client-facing mobile tools. The company offers features such as custom models, fractional shares, automated rebalancing, and in 2024 launched a high‑yield cash account, automated tax management tools, and a fully digital native fixed‑income trading experience. Altruist reported triple‑digit growth in revenue, brokerage accounts, and advisors served, now serving over 4,700 advisors and having tripled assets under management for two consecutive years. Average firm size on the platform is up 43% year‑over‑year, and the 2025 T3 Software Survey showed market share growth from 2.85% to 6.25% and All‑Star ratings in custody, portfolio management, trading/rebalancing, billing, and cash management. The company has expanded its executive team (including hires for CBO, CTO, and GC) and is adding third‑party trading integration enhancements scheduled later this year as it pushes into the enterprise market. A recent financing values the company at approximately $1.9 billion. Altruist combines a self-clearing brokerage with intuitive software for account opening, trading, reporting, billing, model creation, fractional shares, automated rebalancing, and a mobile client app. The platform is vertically integrated and focused solely on serving RIAs, allowing faster product development and cost advantages versus legacy custodians. Altruist eliminated all software fees last year for advisors using its brokerage accounts and recently published a simple, transparent fee schedule. The company reported revenue growth of over 550% in 2023 and has tripled assets under management for two consecutive years. It is now the third largest custodian by RIAs served and was named the #1 custodian advisors are considering switching to by industry analyst T3. Altruist is scaling its service organization and planning new products and services in 2024, including a 5.10% APY Altruist Cash account and upcoming tax management features. Altruist vertically integrates clearing, custody, and advisory software into a single platform for RIAs. Its product combines a self-clearing brokerage with account opening, trading, reporting, billing, model management, fractional trading, automated rebalancing, and a client mobile app. The company recently acquired advisory services firm SSG and launched a new brokerage offering, actions that made it the third largest custodian by number of firms served. Altruist plans to use the new funding to expand service offerings and target mid-sized RIAs managing $100 million to $1 billion in assets. Operationally, Altruist nearly tripled assets under management in 2022, grew revenue by over 1,700% year-over-year, recorded record asset inflows in Q1 2023, and expects to reach profitability within the year. Founded in 2018, the company emphasizes customer service and technology to reduce advisors' operational costs and scale affordable financial advice. Altruist offers an integrated digital platform that enables modern financial advisors and RIAs to open accounts, invest, build models, report, and bill from a single system. Led by founder and CEO Jason Wenk, the product is designed to streamline and personalize financial-advice operations. The company raised growth capital to support expansion. Altruist intends to use the funds to expand operations and its product offerings. Altruist is a fully-integrated digital investment platform built for independent financial advisors and their clients, combining portfolio management software with a brokerage platform. The product consolidates account opening and funding, custom investment models, fee billing, reporting, and offers commission-free fractional share trading. Altruist released mobile apps on the App Store and Google Play and aims to provide a modern client experience. The company charges the first 100 accounts free and $1 per account per month thereafter, which it says can reduce advisor software costs by up to 95%. Recent hires and board additions—including CTO Nachiket Shiralkar and former Vanguard CEO Bill McNabb—underscore a focus on product and governance. Altruist plans to expand its RIA offering and enhance its mobile app, using new capital to drive growth and continued innovation.

Total raised

$492M

Funding rounds

6

Latest round

Series F

Latest activity

Apr 2025