Product updates

• Wealthfront, a robo advisory platform, introduced the ability to trade full and fractional shares with zero commission, targeted toward young professionals. It allows users to get started with USD 1 as an initial investment in a Wealthfront stock investing account and provides access to a curated stock collection, allowing investors to discover new investment ideas or start with a particular stock and explore related investment opportunities. (March 01, 2023; Company press release )

• Altruist, a digital wealth management platform, has introduced Altruist Clearing, a self-clearing brokerage that allows users to stay clear of traditional financial institutions’ bureaucratic processes and time-consuming service models. It offers a digital-first alternative that serves the interests of RIAs, with a suite of software, exceptional customer support, and industry-low fees. (March 02, 2023; Company press release )

M&As

• Ritholtz Wealth Management announced the acquisition of FutureAdvisor, a robo-advisory platform with a B2B component managed by Blackrock for an undisclosed sum. Ritholtz did not disclose further details on the acquisition; however, Blackrock stated that the decision to sell FutureAdvisor was due to rising costs to acquire new customers and a lack of profitability across the retail investor segment prevailing across the industry. (March 01, 2023; Business Insider , FA Magazine )

• Altruist announced the acquisition of Shareholders Service Group, a brokerage and custodial platform serving over 1,600 advisors across the US, for an undisclosed sum. Through this acquisition, Altruist intends 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. (March 15, 2023; Company press release )