$169 million in Series E capital was raised by Altruist, a Los Angeles, California-based custodian for independent RIAs.
Investors
- ICONIQ Growth (led the round)
- Granite Capital Management
- Adams Street Partners
- Sound Ventures
- Yoonkee Sull, General Partner of ICONIQ Growth, will be joining the board of directors in addition to the funding.
The money will be used by the business to grow both its operations and growth initiatives.
Altruist, a custodian for independent RIAs, is led by CEO and Founder Jason Wenk. It is a single, integrated solution that includes software for account opening, trading, reporting, and billing together with a self-clearing brokerage business.
Altruist provides technology that automates and streamlines administrative work, interfaces with neighboring businesses, and streamlines portfolio management operations in addition to its self-clearing brokerage capabilities. This allows advisors to devote more time to client-facing activities.
It allows users to trade fractional shares, automate rebalancing, build custom models, and communicate results with customers via a mobile app.
Altruist has tripled assets under management for two years in a row and increased revenue by over 550% in 2023. Based on RIAs served, it is now the third-largest custodian, behind Fidelity and Schwab.
Concerning Altrist
Today’s keeper of independent RIAs is Altruist. Altruist offers a simplified system that includes a self-clearing brokerage business and user-friendly software for trading, account opening, reporting, and billing. With Altruist, you may use a cutting-edge mobile app to discuss results with customers, trade fractional shares, automate rebalancing, and build bespoke models.
