Altruist Responds to Advisor Feedback with Simply Better Pricing

Through a Collaborative Approach to Pricing, Altruist’s Latest Fee Schedule Sets a New Standard for Advisor and Client Cost Savings

LOS ANGELES, April 12, 2024–(BUSINESS WIRE)–Altruist introduced an updated fee schedule, a direct result of the feedback received from its advisor community. The new fee schedule reflects simple, transparent, industry leading pricing, aimed to objectively improve client outcomes and make independent financial advice more accessible.

To reduce overall costs and complexity, Altruist eliminated or zeroed out over 50 line items from the previous schedule. Of the fees that remain, the pricing is at or lower than legacy custodians, with no hidden fees or preferential treatment on proprietary products. The new fee schedule is available in an intuitive brochure that any advisor or client can easily understand.

In addition to a simplified fee schedule, the company also boasts one of the lowest cost and most flexible mutual fund trading platforms. “We now offer ~4,500 mutual funds without transaction fees, including over 50 Money Market funds, and are adding ~3,000 more over the next few months,” said Jason Wenk, CEO and Founder. “Any fund on our platform that is NTF at Schwab and Fidelity (with the exception of their proprietary funds) will be NTF at Altruist. If a fund does have a transaction fee, we aim to have the lowest transaction costs in the industry.”

Advisor feedback continues to play a vital role in the company’s growth. “Their input helps us get better—they tell us what’s not working, and we listen,” said Wenk. Over the past 5 years Altruist has risen to the third largest custodian by advisors served, with over 3,500 advisors on the platform, and was rated by T3 as the #1 custodian advisors are considering switching to in 2024. Last year, the company eliminated all software fees, and offers RIAs commission-free, fractional share trading on ETFs and equities.

The new fee schedule was announced on Friday, April 12 and will go into effect on Monday, July 1, 2024, the first implementation of the new 60 day notice period that Altruist is giving advisors on all future fee changes. For more details about the latest updates and Altruist’s ongoing commitment to competitive, transparent, and simple pricing, please read Jason Wenk’s note to advisors here.

ABOUT ALTRUIST

Altruist is the modern custodian for independent RIAs. Altruist combines a self-clearing brokerage firm with intuitive software for account opening, trading, reporting, and billing – all in one streamlined solution. With Altruist, you can create custom models, trade fractional shares, automate rebalancing, and share performance with clients using a modern mobile app. Learn more at https://www.altruist.com and follow Altruist on Twitter @altruist.

Keep in mind, other brokerage fees, Model Marketplace fees and related expenses may apply on your client’s assets. Please see the Altruist Financial LLC and Altruist LLC Fee Schedules and Subscription Pricing on altruist.com/legal to learn more.

Altruist Corp (“Altruist”) offers technology and tools designed to help financial advisors achieve better outcomes. Advisory and certain other services are provided by Altruist LLC, an SEC-registered investment adviser, and brokerage related products and services are provided by Altruist Financial LLC, a member of FINRA/SIPC. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any security. Additionally, Altruist or its affiliates do not provide tax advice and investors are encouraged to consult with their personal tax advisors. Clearing and custody of securities provided by Altruist Financial LLC. © 2024 Altruist Corp 3030 S La Cienega Blvd Culver City, CA 90232.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240412137370/en/

Contacts

Sam Marinelli, Gregory FCA on behalf of Altruist
610-246-9928
sam@gregoryfca.com




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