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Articles tagged "Altruist"


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Jason Wenk: Imagine if you took Schwab and Fidelity ... [fees], and then made them even better.

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Multiple RIAs expressed outrage over "X" before the Altruist CEO superseded his critics and committed to having the lowest price mutual fund platform in the market.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

Adam Grealish: As we are near the end of the rate cycle, we need to offer a very attractive rate.

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

Louis Diamond: This clearly proves out the breakaway movement is alive and well.

'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

Jason Wenk: Contrary to what people think, [RIA custody] is very lucrative.

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:  Legacy custodians don’t have the flexibility around custom technology.

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

Jason Wenk speaks to RIABiz by Zoom: "We're a lot bigger than people realize. I don't think it's going to be the case in 10 years."

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

George Tamer: Portfolio management is a mature category, but the opportunity to innovate remains massive.

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:  'I fully expect us to become the third [largest custodian].'

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

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