Altruist Secures $50MM to Grow Its All-in-One Platform for Modern Financial Advisors

Insight Partners, Venrock, and Vanguard participate in the firm's Series B funding round

LOS ANGELES, May 19, 2021 /PRNewswire/ — Altruist, the all-in-one platform for modern financial advisors, today announced it has raised $50 million in Series B funding to make personalized financial advice less expensive, more efficient, and more inclusive. The round is led by global venture capital and private equity firm Insight Partners, with follow-on participation from Series A investor Venrock, as well as Vanguard, one of the world's largest investment management companies.

Altruist serves Registered Investment Advisors (RIAs) with an integrated digital platform that allows them to open accounts, invest, build models, report, and bill, all in one place. Automations across the platform save advisors time by eliminating mundane operational tasks.

The result is a paperless platform that helps advisors deliver superior client service in less time, at a lower cost. These efficiencies allow advisors to focus on better serving their clients rather than administering accounts. In return, clients enjoy the benefits of a personal advisor, as well as the best parts of smart technology.

"Just like any financial advisor, Altruist wants to help people feel great about their money. At the same time, we want to help our industry innovate beyond the antiquated and expensive legacy tools that impede financial advisors and their clients," said Jason Wenk, founder and CEO. "There are millions of people who want real, quality financial help, and there are thousands of advisors who want to serve a diverse community of investors. Altruist is here to bridge that gap."

By doing away with high account minimums, Altruist enables financial advisors to serve clients regardless of their current level of wealth.

"The world is changing and financial advisors need to adapt to meet the expectations of investors—current and future," continued Wenk. "Modern financial advisors require a modern platform to serve that expanding market."

Jon Rosenbaum, Principal at Insight Partners, will be joining Altruist's board, and Jeff Horing, co-founder and Managing Director at Insight Partners, will take an observer seat. Altruist plans to use this new capital to enhance operations and fuel innovation allowing the company to expand its products to help financial advisors deliver a modern, delightful experience across a diverse community of clients.

"Altruist's vision requires both deep FinTech innovation and empathy toward not only its RIA customers, but also their clients. We're confident in the management team's ability to deliver world class SaaS applications while ultimately improving the well-being of consumers who are looking to save," said Jonathan Rosenbaum, Principal at Insight Partners. "We're confident Altruist is the platform that will transform the financial advising industry in practice, not just in concept."

Altruist's all-in-one platform unburdens advisors from costly and complicated traditional tools, providing cutting-edge software at industry-low cost including:

  • Modern user interface and technology stack unencumbered by legacy tools and outmoded systems used by existing custodians.
  • Elegant client portal, to increase transparency and efficiency.
  • Opening and funding accounts within minutes digitally.
  • Trading and rebalancing assets, with commission-free fractional trading.
  • Reporting made simple, with an all-in-one view.
  • Flexible fee billing, to accommodate all different business models.

About Altruist
Altruist is a Los Angeles-based company on a mission to make financial advisors more efficient, more affordable, and accessible to more people. The team builds products to provide advisors cutting edge tools, and offers an investment platform that substantially lowers costs. As a completely digital brokerage, Altruist helps advisors provide their clients with a delightful experience with their money. Learn more at altruist.com and follow on Twitter @altruist.