Articles tagged "Jason Wenk"
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Altruist wins 'unsolicited' $152-million raise, including capital from Salesforce, which is midstream 'very deep integration' signalling shift to $1-billion-plus RIAs
The Culver City custodian now has 20-plus $1-billion-plus RIAs and average size is 43% larger as integrations with Orion, Advyzon and Tamarac lay groundwork to tackle Schwab and Fidelity
April 23, 2025 at 2:06 AM
Fresh off layoffs, Altruist nabs Coinbase CTO and is hiring like crazy, driven and guided by fresh Robinhood-TradePMR threat, ex-Altruist staffer says
The Culver City, Calif., RIA custodian got Sumanth Sukumar, also formerly of Uber and Facebook, with an eye on supplanting Schwab in its former HQ city.
March 13, 2025 at 3:05 AM
BlackRock rattles giant saber at Schwab and Fidelity by launching high-yield 'money market' funds that 'circumvent' shelf-space controls and pay big
The $12-trillion firm steered clear of the retail giants' cash cows until this month, when it launched ETFs that mimic the custodians' best offerings -- albeit with caveats.
February 22, 2025 at 3:02 AM
Altruist lays off 10% of its staff, despite 300% revenue jump, to get 'best possible people' as 'aggressive' hiring continues, says CEO
The Culver City, Calif. RIA custodian let people go across spectrum of disciplines with hires focused on 'engineering, AI and go-to-market,' Jason Wenk explains
January 7, 2025 at 8:12 PM
Jason Wenk sees light at the end of the Robinhood/TradePMR merger, but not before a dark tunnel that could see 40% of RIAs bolt
Robinhood will go through a disruptive, two- to three-year transition to develop a 'road map' before it can think about being a Schwab-killer, the Altruist CEO says in a much-discussed LinkedIn post
November 22, 2024 at 2:55 AM
Altruist drops news on former SSG RIAs -- they must leave Pershing by November for Altruist or third-party custody, catching many by surprise
The Culver City, Calif. custodian called a town hall after negotiations with Pershing fell flat and gamely admits this was not the 'original intent'
August 7, 2024 at 4:45 AM
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Multiple RIAs expressed outrage over "X" before the Altruist CEO superseded his critics and committed to having the lowest price mutual fund platform in the market.
April 9, 2024 at 9:02 PM
Altruist ups its game with new 5.1%, FDIC-backed cash accounts to lure RIAs, but the digital custodian is still a couple clicks shy of cash management disruption
Near to break even, the young LA custodian will sacrifice some revenue to compete and 'stand out,' but sweep accounts will remain cash cows.
March 28, 2024 at 2:00 AM
'Schwabitrade' RIA assets leap $107 billion in NNA to $3.75 trillion in first half of 2023, and just 20% of TD Ameritrade RIAs have yet to 'credentialize'
The RIA assets of TD Ameritrade Institutional and Schwab Advisor Services grew an incredible $514 billion for the 12 months ended June 30, but the real conversion looms on Labor Day.
July 22, 2023 at 1:38 AM
Altruist's Jason Wenk wins Marty Bicknell's capital as part of $112-million 'D' raise but the bigger challenge is winning his RIA's AUM
The founder and CEO of the Los Angeles custodian says 'mums the word' about his exact plans with $110-billion AUA RIA and OSJ, Mariner Wealth, but that all will be revealed soon enough
April 13, 2023 at 11:31 PM
Manish Khatta gives Schwab and Fidelity 'A' grade -- and a backseat -- after Altruist gets A+ to win the RIA inflows to his $750-million TAMP
After Fidelity discontinued DocuSign API and uncertainties rose at Schwab, Potomac Fund Management's CEO spent nine months vetting RIA custodians
March 28, 2023 at 4:44 AM
With Vanguard and Venrock as backers, Altruist is taking careful aim at RIA custody power, with SSG a big building block and an even bigger sign
The Los Angeles custody startup is playing small ball and bully ball with an approach aimed as much at TAMPs and fintechs as RIA custodians.
March 16, 2023 at 4:29 AM
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.
May 20, 2021 at 3:22 AM
Thomas H. Lee gets second bite at an advice roll-up in backing Brookstone's buy of Jason Wenk's $3-billion TAMP -- with Altruist tie-in to be determined
The Boston-based private equity giant, famed for Hightower purchase, is now a leader in what appears to be an emerging insurance TAMP game.
July 16, 2020 at 4:03 AM
VCs back Wealthbox with another $6 million as improbable play to upend CRM giants like Salesforce, Microsoft and Redtail by 'Facebooking' its look and shanghai-ing data from LinkedIn
CEO John Rourke recognizes that CRM and social media are birds of a feather and he is starting to make his startup fly with the power and simplicity of the Silicon Valley giants
