Altruist
| Private company | |
| ISIN | 🆔 |
| Industry | Financial technology, Wealth management |
| Founded 📆 | 2018 |
| Founders 👔 | Jason Wenk |
| Headquarters 🏙️ | Culver City, California, United States |
Area served 🗺️ | |
| Products 📟 | Custodial platform for independent financial advisors |
| Members | |
Number of employees | 250+ |
| 🌐 Website | altruist |
| 📇 Address | |
| 📞 telephone | |
Altruist (legally Altruist Corp.) is an American financial technology company headquartered in Culver City, California which provides a digital custodial platform for independent registered investment advisors (RIAs). Founded in 2018 by Jason Wenk, the company combines brokerage custody with integrated software for account opening, trading, portfolio management, billing and reporting. As of 2025 Altruist serves over 4,700 RIA firms and is the third largest custodian in the United States by number of advisors served.[1] In April 2025 the company closed a $152 million Series F round at a valuation of approximately $1.9 billion.[2]
History
Jason Wenk grew up in West Michigan and studied computer science before beginning his career at Morgan Stanley. In 2004 he launched his own independent advisory firm, which grew to several billion dollars in client assets. He later founded FormulaFolios, which became one of the fastest-growing registered investment advisors in the history of the industry, reaching nearly $4 billion in assets under management in six years and ranking as high as number 10 on the Inc. Magazine fastest-growing private companies list four years in a row.[3]
Frustrated by the paper-heavy workflows, slow processes and fees imposed by traditional custodians, Wenk founded Altruist in 2018 with the goal of building the custodial platform he would have wanted at his previous firms. Starting from a modest office in Culver City, he assembled a small team of engineers and former advisors.[4]
In 2021 the company raised a $50 million Series B led by Vanguard Group, one of the world's largest investment management companies.[3] In 2023 Altruist became self-clearing, making it the only full-service custodian built exclusively for RIAs, and raised a $112 million Series D round. That year the company grew its revenue by 1,700% compared to 2022.[3]
In 2024 Altruist launched a suite of new products including a high-yield cash account, automated tax management tools and a fully digital fixed-income trading experience. The company achieved triple-digit growth in revenue, brokerage accounts and advisors served, and increased average firm size by 43% year over year.[2] Also in 2024, Altruist acquired SSG, strengthening its custodial infrastructure.
In September 2025 Altruist launched Hazel, an AI platform for wealth professionals that integrates custodial data with CRM, email and client notes to power advisor workflows.[5] In February 2026 Altruist launched an AI-powered tax planning tool within Hazel that reportedly shifted an estimated $20 billion in market value in a single day following its announcement.[4]
In April 2025 the company closed a $152 million Series F round led by GIC, a global institutional investor based in Singapore, with participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office and ICONIQ Growth, valuing the company at approximately $1.9 billion. Total funding raised to date stands at over $600 million, with investors also including Insight Partners, Venrock and Endeavor Catalyst.[2][6]
Product
Altruist's platform is a vertically integrated custodial solution that combines brokerage services with front, middle and back-office tools. Key features include commission-free fractional share trading, automated portfolio rebalancing, customizable fee billing, performance reporting, digital account onboarding and a high-yield cash account. The platform allows RIAs to open and onboard new client accounts in minutes, compared to the two to three week process typical of legacy custodians.[6]
The company's AI platform, Hazel, integrates real-time custodial data with CRM, email and client notes to help advisors answer client questions, create tax strategies and manage workflows. Altruist also offers a Model Marketplace with over 500 investment models at significantly lower cost than traditional turnkey asset management programs.[4]
Altruist operates as a self-clearing broker-dealer through Altruist Financial LLC, which is a member of SIPC. The platform serves RIA firms of all sizes, from solo practitioners to firms managing multiple billions in assets.
Recognition
- Rated highest among custodians in the 2026 T3/Inside Information Software Survey
- Named on the Forbes America's Best Startup Employers list
- Recognized by Datos Insights for Best Innovation in Clearing and Custody (2025)
- Accumulated more assets in its first three years than all other major US fintechs combined[4]
References
- ↑ "Not every RIA needs to sell to a big aggregator". Investment News. 23 June 2025.
- ↑ 2.0 2.1 2.2 "Altruist Raises $152M Series F Led by GIC". Business Wire. 22 April 2025.
- ↑ 3.0 3.1 3.2 "Jason Wenk and Altruist are Redefining the RIA Landscape". Endeavor US. 2023.
- ↑ 4.0 4.1 4.2 4.3 "About Altruist". Altruist.
- ↑ "Altruist Company Profile". Tracxn.
- ↑ 6.0 6.1 "Welcome, Altruist!". Salesforce Ventures. 24 April 2025.
External links
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