# Altruist

Altruist is an Asset Manager based in Charlotte, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Charlotte, United States
- **Region:** North America
- **Address:** Culver City, CA, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** altruist.com
- **LinkedIn:** https://www.linkedin.com/company/altruist

## About

Altruist is the wealth platform built for independent advisors. It is an AI-forward custodian that brings account opening, trading, portfolio management, billing, and reporting together in one place. The company helps 6,000+ advisors make financial advice better, more affordable, and accessible to everyone. Clearing and custody of securities are provided by Altruist Financial LLC; advisory services are provided by Altruist LLC, an SEC-registered investment adviser.

## Sectors

- WealthTech
- FinTech
- Enterprise Software

## People

- Sumanth Sukumar — Chief Technology Officer
- Adam Grealish — Head of Investment Products
- Michelle Shotts — VP, Customer Success
- Jennifer Stokes — Head of Clearing Operations
- Ted Zhang — Director of Product Management
- Mazi Bahadori — COO

## Questions

### What investment stages does Altruist target, and does it invest directly?

Altruist is not an investment firm and does not deploy capital as a principal. It is a technology and custody platform providing brokerage, clearing, and software services to independent registered investment advisors. The platform does not participate in direct investments, fund commitments, or co-investments alongside external GPs.

### How does Altruist source its model marketplace strategies?

Altruist offers a Model Marketplace populated by third-party asset management firms, with over 500 strategies available through its rebalancer. The company states these models are up to 3x cheaper than the average TAMP, based on its analysis of publicly available pricing from providers including AssetMark, Envestnet, and Orion.

### What does Altruist's AI assistant, Hazel, actually do?

Hazel is an AI platform that draws on an advisor's custodial data, CRM, email, and notes to generate client insights, draft financial plans, and produce meeting summaries. According to a client testimonial published by Altruist, Hazel has been used to improve prospect communications, train advisors after meetings, and create first drafts of client plans.

### How is Altruist's self-clearing model different from other custodians like Schwab or Pershing?

Unlike advisors who custody through Schwab or Pershing and rely on those firms' clearing operations, Altruist acts as both custodian and clearing broker. The firm self-custodies assets, routes trades internally, and generates its own account statements, which it argues reduces layers and potential delays between third-party custodians and the advisor's software stack.

### What is Altruist's known posture on client cash and yield?

Altruist's High-Yield Cash program sweeps uninvested client balances into FDIC-insured accounts at a network of partner banks, advertising variable rates at 8x the national average. The firm earns revenue from the spread between the interest paid to clients and the interest received from the program banks, a model similar to bank sweep programs at other major RIA custodians.

## Related profiles

- [BitMart](https://altss.com/profile/bitmart)

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Last updated: 2026-08-11T15:06:04.815Z

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