Articles tagged "Altruist"
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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
Betterment whistleblowers net $2.5 million • Wealthfront's big pivot leads to profits • Altruist launches tax service • CMOs in at Ascensus, Wealthspire & Joe Duran's Rise • Savvy bags four advisors as Mariner sues it for poaching • Jim Dickson launches RIA stake buyer
Betterment is also bending to RIA needs • Wealthfront is in the black, thanks to cash • Altruist reveals where it makes its money • Rise, Wealthspire and Ascensus each add two executives • Compound hits $2 billion of AUM • CAIS slashes alts prices • BlackRock ups private debt sales to RIAs, through GeoWealth.
June 29, 2024 at 3:00 AM
Altruist is CTO-less, for now, quasi-intentionally, it says • Ex-rival exec hired to jumpstart cross-selling Orion products to enterprise clients • BlackRock tops Grayscale • Facet outsources estate plans • Advyzon profits off Goldman exodus • Dan Wiener's RIA has new CEO • CFP count tops 100k
Shiralker out at Altruist • Orion gives Trevor Noble his cause • Bitcoin has a new fund king • Software maker benefits from Goldman custody exec. churn • Carson Group denies lawsuit • Merge of Wiener's old shop complete • 100,000th CFP named.
June 7, 2024 at 1:44 AM
Peter Mallouk is exploring new RIA custody vendor for his $300-billion firm, despite new Fidelity referral deal; this time around upstart brands are in the running
The founder and CEO of the national RIA in Kansas was tight with TD Ameritrade and says although no 'dominant' No. 3 custodian has emerged he is optimistic that it's imminent.
May 9, 2024 at 1:31 AM
Division of $80-billion RIA leads a $169 million round and takes a 10% Altruist stake -- the second in a row with big 'RIA' investors, if not yet their custody assets
Iconiq Growth, a division of RIA Iconiq Capital, will also dedicate a key executive to the Altruist board
May 3, 2024 at 1:33 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Multiple RIAs expressed outrage over "X" before the Altruist CEO superseded his critics and committed to having the lowest price mutual fund platform in the market.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
An unprecedented wave of 'disruptive' competitors are challenging 'The Big Four' RIA performance reporting firms by thinking past 'the cloud' and bundles
Black Diamond, Orion Tamarac and Addepar built a $10 trillion mountain of AUA by taking RIAs to the cloud, but a number of firms are emerging to challenge the status quo.
June 2, 2022 at 3:50 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.
