Altruist is an LA-based fintech platform that’s on a mission to make investing fair, honest, and accessible for everyone.
Altruist was built for modern financial advisors and has compiled the tools that an advisor needs to open accounts, manage investments, analyze a portfolio, and provide effective client service into one frictionless platform.
Jason Wenk, Founder and CEO of Altruist, has spent fifteen years helping financial advisors do their best work for clients. Wenk stresses how financial advisors must adjust their strategies to meet changing client demographics, especially as the transfer of wealth from baby boomers to millennials looms near.
It’s expected that $68 trillion of wealth will be transferred to millennials, making them the holders of the most wealth of any generation by 2030. Wenk is keenly aware that the strategies that have worked for financial advisors for the past twenty years differ from strategies that will find success in the next twenty years.
Altruist leverages its client-centric relationships in order to find the new strategies that will work to best serve its clients. Altruist is a completely digital custodiol solution, on which advisors can open and fund accounts in minutes for their clients. Altruist provides clients access to commission-free fractional shares of high-quality assets, with transparent access to the client’s portfolio through the app and web portal.
In July 2021, Altruist launched The Altruist Portfolio Marketplace, which gives advisors and clients access to turnkey model portfolios at an affordable price. The Portfolio Marketplace features Vanguard and Dimensional Fund Advisors models. Altruist aims to integrate portfolio management from top brands into existing brokerage and portfolio accounting software, so advisors can save time and money and ultimately do more for their clients.
As part of the launch of the Portfolio Marketplace, Altruist also released its own set of low-cost, tax-efficient, and highly-diversified models, called the Simplicity Series. The Simplicity Series aims to benefit from the liquid, broad market performance of diversified asset classes over a long investment period in order to avoid excessive taxes and fees. The balanced approach of the Simplicity Series is attractive for a wide array of investors. Vanguard and Simplicity Series portfolios are available to Altruist users and Dimensional Funds are available to approved advisors who apply on the platform.
Altruist is an SEC-registered broker-dealer and a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Clients’ information is protected by constant monitoring and AES 256 encryption. Jason Wenk founded Altruist in 2018 to help independent financial advisors grow their business without the non-digitized account opening process hindering their ability to bring on clients. Altruist aims to broaden financial access, serving more people at lower prices.
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