RIAs assailed Altruist and put Jason Wenk on defense over a new fee schedule, but-- four days later -- Wenk went back on offense, promising to better even unchallenged fees
Multiple RIAs expressed outrage over "X" before the Altruist CEO superseded his critics and committed to having the lowest price mutual fund platform in the market.
Author Oisin Breen April 9, 2024 at 9:02 PM
Brooke Southall and Keith Girard contributed to the editing of this article.
Matt
April 12, 2024 — 4:28 PM
I considered Altruist when looking at custodians when TD was swallowed up. One thing I looked at was Glassdoor to see if the employees liked the place- and it turns out that Wenk went on a hiring spree during Covid for remote workers and made them promises he didn't keep (remote work ending) so now low paid employees have to move to his high cost of living HQ. I chose a different custodian and reading this makes me glad I did. If you can't keep promises to the people that do the daily work, no way you keep promises to the people that pay the bills.
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Jason Wenk raises $50 million from Vanguard Group and others, and Altruist may soon overtake Pershing's No. 3 RIA custodian spot, the Altruist founder asserts
The Los Angeles founder's disruption blitz involves a mobile-first Robinhood feel and a plug-and-play outsourcing one-stop-shop -- a sweet combination, except that it may not lure many big RIAs, analysts say.
