Altruist founder and CEO Jason Wenk is modernizing the financial custodian industry by replacing legacy, mainframe-based infrastructure with a cloud-native, automated platform designed for independent financial advisors.

Key Points

• Altruist provides a digital-first custody and clearing platform that integrates fee billing, account onboarding, and reporting into a single, automated workflow.
• The company utilizes fractional share trading and advanced tax-management tools to reduce costs and improve investment outcomes for end clients.
• Wenk’s AI-driven tool, Hazel, assists advisors with complex tax planning, data gathering, and financial plan creation to increase operational efficiency.
• The firm has raised over $600 million in venture capital and reports that its broker-dealer has been profitable for approximately three years.
• Altruist aims to challenge the market dominance of legacy custodians like Schwab and Fidelity by offering a more efficient, lower-cost alternative for RIAs.

Why it Matters

By replacing 50-year-old legacy systems with modern, cloud-native technology, Altruist is significantly lowering the barrier to entry for independent financial advisors to provide high-quality, personalized service. This shift forces a competitive evolution in the wealth management industry, potentially saving investors billions in fees and reducing the administrative friction that has historically limited advisor scalability.