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.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
