Altruist

Altruist runs a custodian and wealth management software platform for independent registered investment advisers, including advisors leaving larger firms to start their own practices. The company says it has more than 6,000 independent advisors on the platform.

The platform combines account opening, trading, portfolio management, fee billing and performance reporting in one system. Investment options include a model marketplace, personalized indexing, tax management, options, alternatives and donor-advised funds. Cash features cover high-yield cash, margin, securities-based lines of credit and fully paid securities lending. Hazel is the company's AI product line, with tools for tax planning and financial planning. A transition team helps breakaway advisors move client accounts, and the company says reporting and billing tools come at no extra cost.

Jason Wenk, a former advisor, started Altruist in 2018, and the company is based in Culver City, California. It became a broker-dealer and built its own clearing operation. The company says it has raised over $600 million, with Insight Partners, ICONIQ and GIC among its backers. Its integrations page lists links to CRMs such as Redtail, Wealthbox and Salesforce Financial Services Cloud, planning tools such as eMoney, MoneyGuidePro and RightCapital, and portfolio systems such as Orion, Tamarac and Black Diamond.