Los Angeles-based startup custodian Altruist has announced that advisors using its software will have access to new integrations to help simply and streamline processes without the need for duplication of tasks.
The solution now includes seamless links with Orion, Redtail, Kwanti, Moneyguide, IncomeLab, and eMoney alongside existing integrations such as that includes Wealthbox, Right Capital, Black Diamond, Advyzon and Nitrogen, bringing together account opening, trading, reporting, and billing in one place.
Further integration partners are coming on board early in 2024, including ACA, SmartRIA, Morningstar and ByAllAccounts.
“Disconnected tech is a massive pain point for advisors,” said Jason Wenk, founder and CEO of Altruist. “Teams waste resources on duplicate data entry, manual reconciliation, and inconsistencies that can impact reporting and billing. When the tools play well together, you get faster account opening, higher quality data, simplified workflows … firms reclaim a lot of time which drives better client service and better outcomes.”
Altruist is aiming to shake up the custodian space and earlier this year announced that advisors who use its custodian services exclusively would have access to its portfolio management software free of the usual $1 per account charge. Even those who use other custodians get the first 100 accounts without charge.
The firm also acquired Shareholders Services Group, which brought 1,600 RIAs to its platform and has raised $290 in funding to help with its ambitions.
However, the challenger is not without challengers itself; new entrants to the custodian space include Innovayte, which launched in October led by industry veteran Cat Davies.
Established wealth firms are also expanding their services including LPL Financial, Raymond James and Goldman Sachs.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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