Altruist

Altruist operates a self-clearing, fully digital platform that integrates account opening, trading, billing, and reporting, rather than layering software on top of an existing custody operation. This allows the firm to offer features like digital ACATs and automated fee billing natively. The firm claims this consolidation can save an advisory practice up to 13 weeks of operational work and thousands in software costs annually, based on its own estimates.

The model marketplace provides access to over 500 third-party investment models integrated directly into Altruist's rebalancer. Altruist cites an industry estimate from November 2024 that the average TAMP costs 45–50 basis points, and states its marketplace offerings are up to three times cheaper. The firm notes that its models are designed differently and may not include all the features or services of a traditional TAMP.

Altruist is a self-clearing custodian, meaning it processes and settles trades itself rather than relying on an external clearing firm. Client assets are segregated from company funds in compliance with the SEC's Customer Protection Rule. The firm is a member of SIPC and carries an additional excess-of-SIPC policy through Lloyd's of London.

Altruist states it is regulated by the SEC, FINRA, the OCC, and 53 state and territorial jurisdictions. This multi-regulator structure reflects its roles as a broker-dealer, registered investment adviser, and custodial platform.

Hazel is an AI platform integrated into the Altruist system that draws on real-time custodial data, as well as connected CRM and email systems, to help advisors answer questions, draft client communications, and prepare for meetings. Altruist has recently added a tax planning module to Hazel's feature set. The tool is designed to let advisors query their own book of business rather than relying on a generic large language model.