Altruist

Altruist targets financial advisors, aiming to reduce their dependence on multiple software solutions (e.g., financial planning software, CRM, portfolio accounting solutions), thereby lowering their costs. The company provides an all-in-one platform for financial advisors (B2B). The platform includes a range of services, namely: portfolio management (i.e., developing customized investment portfolios and automatically rebalancing them), digital client onboarding, fractional shares, commission-free trading, as well as seamless integration with native portfolio accounting software and brokerage services. In March 2023 , the company introduced Altruist Clearing, a self-clearing brokerage that allows users to stay clear of traditional financial institutions’ bureaucratic processes and time-consuming service models.

Altruist’s platform is free for the first 100 clients, but it charges a low monthly fee of USD 1 per account afterward.

In March 2023 , Altruist acquired Shareholders Service Group, a brokerage and custodial platform serving over 1,600 advisors across the US, for an undisclosed sum. Through this acquisition, Altruist planned to improve its financial advisory business by broadening its registered investment advisor (RIA)’s exclusive services and other product offerings, including digital account opening, trading, reporting, and billing.

Funding and financials

In April 2023 , Altruist raised USD 112 million in Series D funding led by Insight Partners. The company planned to utilize the funds to support further development of its platform, broaden its service offerings, and strategically increase its market share within the registered investment advisor (RIA) market.