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Jason Wenk, CEO of Altruist

Industry Spotlight > Clearing and Custodial Firms

Altruist Ends Portfolio Software Fee for Advisors

By Jeff Berman

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Altruist said Thursday it decided to eliminate the portfolio software accounting fee of $1 per month that it had been charging on all brokerage accounts.

The move was made “in alignment with its mission to make independent financial advice better, more affordable, and accessible to everyone,” Altruist, a relative newcomer to the custodian space, said in a statement.

When advisors custody with Altruist, they now receive built-in performance reporting, fee billing, portfolio rebalancing, a modern client portal and portfolio accounting at no added cost, it noted.

“For most advisors, portfolio accounting software is the most expensive part of their tech stack,” Altruist said.

Citing Michael Kitces, head of planning strategy at Buckingham Wealth Partners and co-founder of XY Planning Network and AdvicePay, Altruist said advisors are spending $40-$70 per account each year.

Therefore, switching to Altruist could mean “tens of thousands” of dollars in savings for advisors who switch to the firm, it said.

Meanwhile, for advisors using non-Altruist accounts, “nothing is changing,” Altruist said. “They will continue to get their first 100 connected accounts for free, and remain subject to a $1 per account per month fee thereafter.”

In a blog post, Jason Wenk, Altruist CEO, said: “We strive to help RIAs grow faster, reduce costs, streamline operations, and elevate the client experience. The broader implication of these outcomes are clear: when quality financial advice becomes accessible to a wider audience, more people can make better decisions with their money. This fosters better outcomes and higher financial confidence for individuals, families, businesses, and the economy.”

Altruist’s decision to eliminate the accounting software fees on Altruist brokerage accounts comes as the firm launches new portfolio reporting features and enhancements, including holdings level analytics, additional rebalance insights, enhanced dividend reporting and a cash clarity tooltip, he added.

Pictured: Altruist CEO Jason Wenk

Jeff Berman

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