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.
Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B
“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.
The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO
For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.
Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions
Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
